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The city of Sacramento on Monday announced that it is seeking applicants for $12 million in low-interest bonds provided by the federal stimulus package for private development projects.
The bond financing stems from the Recovery Zone Facility Bond program, which is a low-cost financing mechanism for ready-to-build projects. Cities and counties were granted the authority to issue these bonds to stimulate development.
The city issued the notice Monday and is seeking letters of interest.
Sacramento will be a “conduit” issuer of the bonds, but the funding is not a grant and the city is not “backing” the bond. Borrowers must have the ability to secure a letter of credit from a rated bank or commitment from an institutional investor.
Projects that do not qualify under federal rules are residential rental properties, golf courses, country clubs, massage parlors, hot tub facilities, suntan facilities, racetracks, gambling facilities or liquor stores.

See the full article from “MSN Money”