U.S. Department of Agriculture Administrator for Rual Housing Services and Community Facilities Tony Hernandez joined Rural Development State Director Randy Gore today at the Ribbon Cutting for the Cottages of Brevard, a new 40 unit complex for seniors age 55 and older located at 15 Pender Lane in Brevard.
“Long-term investments that expand access to affordable housing and education create strong rural communities and offer families the opportunity to build wealth and improve their quality of life,” said Hernandez. “USDA is very proud to support investments in housing, educational fascilites and in the people of Brevard.”
The $7.3 million Cottages of Brevard project was financed by federal and state tax credits awarded by the N.C. Housing Finance Agency, USDA Rural Development, Carolina Bank, Community Affordable Housing Equity Corporation (CAHEC), City of Brevard and Community Investment Corporation of the Carolinas (CICCAR).
Following his appearance at the Cottages of Brevard’s grand opening, Hernandez announced a $6.3 million USDA Community Facilities Loan to the Brevard College Corporation Board of Trustees for the construction of an 84 bed residence hall.
While in the area, Administrator Hernandez met with stakeholders Mountain Housing Opportunities, Housing Assistance Corporation and Mountain Projects. He visited a farm labor housing complex owned by the Housing Assistance Corporation, a non-profit which operates the oldest self help program in North Carolina.
USDA Rural Development invests in jobs, infrastructure, community development, health, education, homeownership and affordable rental housing to improve the economic health of rural communities. In Fiscal Year 2013, the agency invested more than $1.6 billion in rural North Carolina through affordable loans, loan guarantees and grants. USDA, through its Rural Development mission area, has an active portfolio of more than $198 billion in loans and loan guarantees.