Waterville to Benefit from Rural Development Program
Bangor, ME -- November 6. The U.S. Department of Agriculture's Rural Development mission area will guarantee 80 percent of a $3,000,000 loan by Gardiner Savings Institution to build a 42-unit assisted living facility in Waterville, Rural Development Maine State Director Seth Bradstreet announced today. The funds are being obtained via USDA's Rural Business program.
"USDA and the Clinton-Gore Administration are committed to helping rural communities provide essential services to their citizens," Rural Development Under Secretary Jill Long Thompson stated. "Everyone, especially our nation's senior citizens who require additional assistance with their daily living needs, should have access to a safe living environment."
"This 42-unit facility will enable the elderly in Waterville to stay in the community, near their relatives and friends, instead of having to move to another town or city," stated Bradstreet. "It supports the Clinton-Gore Administration's commitment to developing rural infrastructure and making sure basic services are available to America's rural residents."
It is estimated that the project will add 14 full- time jobs to Waterville's economy. This is in addition to the numerous temporary jobs that will be created in association with facility construction.
USDA's Rural Development Agency helps rural communities meet their needs by building water and wastewater systems; financing decent, affordable housing; supporting electric power and rural businesses, including cooperatives; and by supporting community development with information and technical assistance. The Agency's Business & Industry loan guarantee program is available to businesses in rural areas and incorporated towns or cities with a population not exceeding 50,000.