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$41.5 million in stimulus bond financing available in Pr. Geo.'s

Businesses and individuals in Prince George's County will have the chance to get up to $41.5 million from reduced-interest bonds to finance private projects as part of a program funded by the federal stimulus package, county officials announced Tuesday.

The federal government gave the county the authority to approve up to $41.5 million in projects that meet the guidelines of the Recovery Zone Facility Bond (RZFB) program, officials said. Local officials will choose up to 10 projects, and developers can then secure bonds from private banks with a reduced interest rates, said Kwasi Holman, president of the Prince George's County Economic Development Corporation.

County officials stressed that the money would not come in the form of loans or grants. "Private developers will remain responsible for debt service and full repayment of the bonds," officials said in a news release.

The Prince George's County Economic Development Corporation will host an information session on how "business owners, developers, bankers or anyone else interested" can apply.

The session will be held Tuesday, May 18 at 10:30 am. at the economic development corporation offices in Largo.

By Jonathan Mummolo  |  May 11, 2010; 4:06 PM ET
Categories:  Prince George's County  | Tags: American Recovery and Reinvestment Act of 2009, Prince George's County Maryland  
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