Mary’s school into apartments, with a total cost of $1.8 million * $500,000 to Lou Ventura to renovate the former St. * $150,000 to Always a Party Rentals for the purchase of real estate and a business, with a total cost of $630,000 * $500,000 to Pennsy Homes for construction of 17 residential units, with a total cost of $1.8 million * $150,000 to John Hrivnak for purchase of the Bold restaurant, with a total cost of $515,000 * $500,000 to Graystone Grand Palazzo for construction of 190 residential units, with a total cost of $35.5 million * $181,000 to BLVD Suites for renovation of a commercial building, with a total cost of $362,000 * $500,000 to A Better Address Altoona for construction of 12 market rate housing units, with a total cost of $1.5 million * $225,000 to Levity Brewing for an expansion of its brewery/restaurant, with a total cost of $754,000 * $232,000 to Mountain Research for the purchase of an existing building, with a total cost of $465,000 The program has loaned money to the following companies and individuals: The current strategy is threatening “to kill a very strong” economy, McKnight said. If there’s a shortage of rolled steel for the production of certain goods that consumers are currently demanding, do something about the shortages, he said. He’d prefer stimulus on the supply side - clearing away supply chain obstacles, while incentivizing additional production to meet the current high demand, he said. The Federal Reserve has been raising interest rates to reduce inflation by tamping down consumer demand, and that’s not ideal, according to McKnight. “Is there going to be a step-away from investment?” “The big concern is with interest rates going up, and recession possibly at the doorstep,” Strohm said. “We’re continuing to see a willingness to invest and to do building projects.”īut there are signals the push might not last, according to Strohm. “It’s reflective of where we are now,” he said. The heavy interest in the program isn’t surprising, McKnight said. The companies who have already borrowed from the program have “matched” their loans with a total of $48.5 million - for a collective project investment of $52.2 million, according to the list.
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