USDA ANNOUNCES NEARLY $27 MILLION IN RURAL DEVELOPMENT FUNDING FOR RURAL COMMUNITIES
Investments to Promote Rural Housing, Business and Job Creation in 42 States and Puerto Rico
HURON, S.D., Sept. 7, 2005-Agriculture Under Secretary for Rural Development Tom Dorr today announced 111 USDA Rural Development loans and grants totaling nearly $27 million to promote homeownership opportunities and support the creation and expansion of rural businesses and jobs in rural communities in 42 States and Puerto Rico.
"These investments will benefit hundreds of rural communities across the country," said Dorr. "They help cooperatives and rural entrepreneurs build successful businesses, create good jobs, increase economic opportunities for young families and help limited-income Americans achieve the American Dream of homeownership."
Dorr made the announcement prior to a Farm Bill Forum in Huron, South Dakota today at the State Fair, which is part of the nationwide listening tour to gather input from the public on farm policy in preparing for the 2007 Farm Bill.
"The funds totaling $26,805,971 are provided through the Housing Technical and Supervisory Assistance Grant, Rural Business Enterprise Grant, Rural Business Opportunity Grant, Rural Economic Development Loan and Grant, and Intermediary Relending programs." These programs provide funds to local governments, private non-profit corporations, federally recognized Indian Tribal groups, rural cooperatives and rural utilities to facilitate business development and housing assistance. Funds are typically used to provide infrastructure, build industrial or business parks, for planning and technical assistance or to establish revolving loan funds for local businesses.
In South Dakota, for example, $100,000 in grant funds will go to the Oglala Sioux Tribe Partnership to implement a comprehensive homeownership and credit counseling program on the Pine Ridge Reservation in southern South Dakota. The grant will also assist residents on the reservation in obtaining housing loans.
USDA Rural Development's mission is to increase economic opportunity and improve the quality of life in rural communities. As a venture capital entity, Rural Development has invested more than $54 billion since the beginning of the Bush Administration to provide equity and technical assistance to finance rural homeownership, business development, and critical community and technology infrastructure. Over one million jobs have been created or saved through these investments. Further information on rural programs is available at local USDA Rural Development offices or by visiting USDA's web site at http://www.rurdev.usda.gov.
