LEXINGTON, Ky, Mar 18, 2013 -- USDA Rural Development State Director Tom Fern has announced a $350,000 loan to the City of Coal Run Village to construct a new community facility.
Rural Development funds will be used to construct a new 3,300 sq. ft. building to serve as a city hall and community center for the City of Coal Run Village in Pike County, Kentucky. The $350,000 USDA loan will be supplemented by $360,000 from local and state funding sources. The new $710,000 facility will benefit the community's 1,700 residents. The repayment terms for the loan portion of the funding are forty years at an interest rate of 3.125 percent.
"This facility is an opportunity for residents of Coal Run Village to have a facility where they can interact with local officials and attend meetings and events with fellow residents," said Fern. "USDA is committed to working with communities like Coal Run Village to improve the quality of life for area residents."
For information on other projects funded by USDA Rural Development, please visit Rural Development's interactive web map featuring program funding and success stories for fiscal years 2009-2012. The data can be found at: 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, 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 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 $181 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.