News West 9
AMARILLO, TEXAS - Things are looking up again for Amarillo's downtown development after hitting a major bump in the road earlier this month.
Until today residential construction projects had a hard time finding funding sources. That's because banks thought it was too risky to invest in new types of projects that hadn't tested before - like high-end Texas apartments in downtown Amarillo.
But today, seven locals banks announced they will all pitch in to loan out a pool of up to $5.6 million.
Bank leaders say this type of idea is a first for Amarillo. The banks will work with the Panhandle Regional Planning Commission to distribute the loans. That organization will begin reviewing applications on Thursday.
Although no official loan applications have come in yet, one banker says there are several interested parties who plan on investing significant amounts of money right here in downtown.