United States Department
of Agriculture Rural Development
Contact: Alec Lloyd (517) 324-5204
USDA PROVIDES $2.9 MILLION LOAN GUARANTEE FOR APARTMENTS IN HARTFORD AND MORENCI
EAST LANSING, Dec. 21, 2007 USDA Rural Development Director for Michigan Gene DeRossett today announced $2.9 million in loan guarantees for new apartment complexes in Hartford and Morenci.
USDA Rural Development is working hard to help provide affordable housing for rural residents, said DeRossett. These new facilities will provide safe, clean housing for years to come.
The Hartford project received a $2 million loan guarantee for 49 units of single family housing and the Morenci project received a $900,000 loan guarantee for 24 family units. Both were developed and managed by the WODA Group of Ohio with the loan provided by Huntington National Bank of Columbus.
USDA Rural Development's mission is to deliver programs in a way that will support increasing economic opportunity and improve the quality of life of rural residents. As a venture capital entity, Rural Development provides equity, liquidity, and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure. Further information on rural programs is available at a local USDA Rural Development office or by visiting USDA's web site at http://www.rurdev.usda.gov/
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