Creston, Dec 06, 2011 -- December 6, 2011 – Bill Menner, USDA Rural Development State Director in Iowa, today participated in grand opening ceremonies for The Iowana Senior Living Apartments in Creston.
“We are extremely pleased to be assisting with this revitalization project in Creston that will improving housing opportunities in the community, as well as help bring back to life a truly historic building,” said Bill Menner, USDA Rural Development State Director in Iowa . “This project marks a tremendous improvement for the better in downtown Creston.”
USDA Rural Development provided a $1 million loan to assist with The Iowana Senior Living Apartments. Total costs for construction and rehabilitation for the project are estimated to be around $5 million.
There are 14 one-bedroom units in the building, along with 10 two-bedroom units, a community room and a computer lab. All 24 units are eligible for rent assistance from USDA Rural Development targeted to low-income residents.
The Hotel Iowana, which was built in 1920, had been vacant for many years.
Iowa has one of the nation’s highest percentages of residents who are 65 years of age or older so making safe, affordable and modern apartments especially important to rural Iowa.
“Apartment buildings play an important role in the sustainability of rural communities,” Menner added. “They allow older residents the opportunity to continue to live in their home community, many times close to family and friends.”
This past year USDA Rural Development’s investment in Iowa helped create or retain more than 1,900 jobs, aided 2,000 families in buying their own homes and assisted more than 80 communities as they made improvements to their facilities, services and infrastructure.
Contact USDA Rural Development
For more information about finance programs through USDA Rural Development, please call the office located in Indianola at (515) 961-5365 Ext. 4. This office serves communities, businesses and residents in Adair, Clarke, Dallas, Decatur, Guthrie, Madison, Polk, Ringgold, Union and Warren Counties.
USDA Rural Development has 11 offices across the state to serve the 1.7 million Iowans living in rural communities and areas. Office locations include a State Office in Des Moines, along with Area Offices in Albia, Atlantic, Humboldt, Indianola, Iowa Falls, Le Mars, Mount Pleasant, Storm Lake, Tipton and Waverly.
Further information on programs available through USDA Rural Development is available by visiting the agency’s web site at www.rurdev.usda.gov/ia.
USDA Rural Development is an equal opportunity lender with a variety of grant and direct and guaranteed loan programs for single and multi-family housing, community facilities, water and sewer development and business and industry programs.
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