Leesburg, FL, Oct 03, 2012 -- USDA Rural Development Acting Deputy Under Secretary Judith Canales today announced funding to improve housing facilities in several central Florida rural communities.
“The Obama Administration recognizes that safe, secure and sanitary housing is important to the development of rural America,” Canales said. “Through the use of prepayment equity loans and rental assistance, USDA is helping to provide affordable housing for families and senior citizens in Florida and across the Nation.”
Canales said the Lake Wood Villas, which serves primarily elderly clients in Lake County, is receiving a $402,936 prepayment equity loan and seven units of rental assistance. In nearby Mount Dora, The Ridge at Mt. Dora Apartments was the recipient of $639,425 in prepayment equity loan funds and 34 units of rental assistance. Canales announced the funding while in Leesburg at the Lake Wood Villas apartment community. The funding is provided through the USDA Rural Development Multi Family Housing program.
Canales also toured Kissimmee Homes and Willows Village II. Kissimmee Homes received $1,352,000 in funding and a $520,720 loan. Willows Village II was the recipient of $439,608 in prepayment equity funds as well as 44 units of rental assistance. While in Florida, she visited all properties and spoke with management and residents at each apartment community.
Funding consisted of prepayment equity loans and rental assistance, which serve to keep the properties in Rural Development’s affordable rental housing program, make improvements to the properties, and also provides additional Rental Assistance to qualifying residents. Rental assistance provides an additional source of support for low-income households by paying the owner of a multi-family housing complex the difference between the tenant’s contribution and the monthly rental rate.
For additional information on USDA projects, please visit Rural Development’s new interactive web map featuring program funding and success stories for fiscal years 2009-2011. The data can be found at: http://www.rurdev.usda.gov/RDSuccessStories.html.
President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President's leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America's economy and strengthening small towns and rural communities. USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Tom Vilsack are committed to a smarter use of existing Federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.
USDA, through its Rural Development mission area, has an active portfolio of more than $172 billion in loans and loan guarantees. 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. More information about USDA Rural Development can be found at www.rurdev.usda.gov/fl.
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