Today the Department of Agriculture and the City of Vienna announced an $858,525 Community Facility Direct Loan for the purchase of the City of Vienna Fire Station. The program provides affordable funding for the purchase, construction or improvements of essential community facilities in rural areas.
“This public safety facility will continue to protect the lives and enhance the safety of City of Vienna citizens. The money saved by the City as a result of this purchase will be directed toward other community priorities," said Jill Stuckey, USDA Rural Development Georgia State Director.
The monthly loan payment on the 2.8750 percent interest rate, 20 year term, Community Facility Direct Loan will be approximately $1,100 per month less than the amount the City was paying to lease the facility from the Vienna Fire Company, Inc. Vienna City Administrator Michael Bowens said they will direct the monthly savings of funds to continue efforts on addressing blighted properties, storm drain replacements and water line replacements.
In Fiscal Year 2016 Rural Development Georgia has invested $61,077,125 in loans and $929,600 in grants for thirty-eight Community Facility projects, providing affordable financing for essential community facilities in rural Georgia. Eligible entities are Public bodies, Community-based non-profit corporations and Federally-recognized Tribes in rural areas.
For more information contact Rural Development at (706) 546-2171.
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.