Thursday, October 28, 2010

NeighborWorks Dakota Home Resources Stimulates the Economy


NeighborWorks Dakota Home Resources Stimulates the Economy

Deadwood, SD – October 7, 2010 Rural Development State Director Elsie M. Meeks and Area Director Tim B. Potts were in Deadwood today to present Neighborhood Housing Services of the Black Hills, Inc. DBA NeighborWorks Dakota Home Resources (DHR) with three USDA Rural Development program funding awards.

“The federal funding will assist NeighborWorks DHR with completing final additions and improvements to their existing building, further economic development in western South Dakota, and assist in providing low cost, high quality and timely repairs for eligible homeowners,” said Meeks. “The funding represents the Obama Administration’s ongoing commitment to ensure that rural communities attract capital investments that lead to homeownership, business development and job creation.”

The three Rural Development awards presented today include a Community Facility Direct Loan of $150,000 which will be leveraged with an applicant contribution of $23,764 for a total of $173,764 which will assist with completing the second phase of the renovation to the existing building that houses their services; a Housing Preservation Grant of $54,518 to provide available loan and grant information, construction consulting and other housing related assistance – this grant will assist approximately 42 families; and a Intermediary Relending Program Loan of $750,000 to assist rural businesses and entrepreneurs obtain the financing they need to thrive, grow and create jobs.

“This is a very exciting day for NeighborWorks DHR! Thanks to USDA Rural Development we are enjoying a classroom for Homebuyers Education; we have funding to assist very low income homeowners with necessary repairs to their homes, and these funds will enable us to provide construction loans to build affordable homes for the low income families living and working in our communities,” said Joy McCracken, Executive Director of NeighborWorks DHR.

USDA Rural Development has eight offices in the state that assist rural communities. Office locations include a state office in Huron, along with area offices in Aberdeen, Mitchell, Pierre, Rapid City, Sioux Falls, Watertown, and Yankton.

USDA, under its Rural Development mission area, administers and manages more than 40 housing, business and community infrastructure and facility programs through a network of 6,100 employees located in 500 national, state and local offices. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America. Rural Development has an existing portfolio of more than $134 billion in loans and loan guarantees.

- USDA -

No comments:

Post a Comment