Investment to Assist in Constructing New Multi-Family Housing
The Trump Administration along with Florida/U.S. Virgin Islands State Director Phil Leary has announced that the United States Department of Agriculture (USDA) is providing a $1,520,000 loan guarantee to assist in the construction of affordable rental housing in Marianna, Florida. USDA is providing the funding through Rural Development’s Multi-Family Housing Loan Guarantee program.
“Demand for safe, sanitary, and affordable housing is increasing exponentially,” said Phil Leary, State Director for Florida and the U.S. Virgin Islands. “Under the leadership of President Trump and Agriculture Secretary Perdue, USDA takes pride in knowing that we can make sure our rural residents have access to affordable rental housing because we know that when rural America thrives, all of America thrives.”
East Lake Florida 2, LLC will be using the loan guarantee to assist in the construction and permanent financing for a new 30-unit multi-family housing apartment complex in Marianna, Fla. The city of Marianna was devastated by Hurricane Michael and has a high need for affordable housing for families in the area. This project will provide 30 units of safe, sanitary, and affordable housing for the community.
USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural areas. For more information, visit www.rd.usda.gov.
If you’d like to subscribe to USDA Rural Development updates, visit our GovDelivery subscriber page.