|(DECEMBER 13, 2011) TIERRA DEL SOL HOUSING GETS FINANCIAL BOOST TO PROVIDE HOUSING AND BUSINESS OPPORTUNITIES IN SOUTHERN NEW MEXICO|
|Albuquerque, Dec 13, 2011
@@Earlier today, USDA Rural Development State Director Terry Brunner traveled to Berino, New Mexico to present over $700,000 in certificates of obligation to Tierra Del Sol Housing Corporation, Inc (TDS).
The funding will be used to administer the construction of 36 new homes in Berino, New Mexico. TDS is also receiving additional funding for the repair and upgrading of five homes owned by the elderly. The third award is a loan to provide business opportunities in the southern part of the state.
During the presentation ceremony Brunner said, “In an era of limited financial resources, the government’s role in helping citizens obtain affordable and safe housing and expanded business opportunities remains vital in our efforts to build a stronger America.” Brunner added, “Tierra Del Sol’s work will provide much needed housing and small business assistance to communities in Southern New Mexico.”
The funding for the housing projects is administered by Rural Development’s housing program. The Housing Preservation Grant (HPG) presented to TDS in the amount of $118,308 will be used to rehabilitate and repair five homes in Doña Anna County and the City of Lordsburg. The dwellings are owned by elderly homeowners who have applied for the help because they can’t afford to make major repairs to their homes. Repairs include replacing old electrical and plumbing systems and the repair or replacement of roofs.
For the 19th time TDS received a self help grant to administer the construction of Self Help homes in the Berino area. The $486,695 grant will be used by TDS to oversee the construction of 36 homes. The Self Help program is known as a ‘sweat equity’ program because the individual homeowners do the majority of the construction under the guidance of TDS. The home loans being made to the individual home owners are made by Rural Development through its Direct Housing loan program.
Tierra Del Sol also received a $167,000 Intermediary Relending Program (IRP) grant through Rural Development’s business program. This funding will be used by TDS to provide low interest loans to public and non-profit organizations which will use the money for business and community development throughout southern New Mexico.
USDA Rural Development’s mission is to increase economic opportunity and improve the quality of life for rural residents. Rural Development fosters growth in homeownership, finances business development, and supports the creation of critical community and technology infrastructure. Further information on rural programs is available at any local USDA Rural Development office or by visiting USDA Rural Development’s web site at http://www.rurdev.usda.gov