Assistant to the Secretary for Rural Development Anne Hazlett yesterday announced that USDA and private lenders are working together to expand financing options for rural water and wastewater projects.
USDA and rural infrastructure lenders agreed on several changes that will expand the availability of loan guarantees through USDA’s Water and Environmental Programs.
The parties agreed to:
Reduce the amount of information and paperwork required with an application for USDA financing;
Eliminate overlapping underwriting procedures between USDA and private lenders;
Work more closely together to determine whether federal, private or joint financing is the most cost-effective option for rural water infrastructure projects;
Hold a special session on rural water issues at the National Association of Water Companies’ P3 Water Summit in San Diego.
USDA and the team of private lenders have identified potential financing for more than $100 million in rural water and wastewater projects.
USDA’s Lender Partnership Focus Group included representatives from Co-bank, the National Cooperative Bank, the American Bankers Association, and the National Rural Lenders Association. It also included representatives from credit unions and community development financial institutions.
Interested lenders or entities in Tennessee should contact the Tennessee State Rural Development office; Tennessee | USDA Rural Development.