The U.S. Department of Agriculture Rural Development office in Virginia announced today an $18 million low-interest loan for Bridgewater College that will be used to renovate three residence halls.
“We’re proud of our partnerships with both public and private higher education in Virginia,” said Basil Gooden, Ph.D., Virginia State Director, USDA Rural Development. “Through this low-interest loan for Bridgewater College and others like it, USDA Rural Development enables some of our most important community organizations to make affordable facility improvements and progress, which help advance the economy and quality of life in rural Virginia.”
The residence halls set for renovation are Daleville, Dillon and Heritage halls. All will receive safety enhancements, including full-building fire suppression systems, air conditioning and general systems upgrades. In addition, Heritage Hall will gain new study rooms, renovated bathrooms and interior design upgrades.
Construction is set to begin on a limited basis in January 2016 and will move into its full phase in May. Completion is planned for August 2016 for Daleville and Dillon halls, while Heritage Hall renovations may continue into summer 2017.
The loan is part of USDA Rural Development’s Community Facilities Direct Loan and Grant Program, which provides affordable funding to develop essential community facilities in rural areas. Funds can be used to purchase, construct or improve facilities, purchase equipment and pay related project expenses.
In fiscal year 2015, USDA Rural Development invested in Virginia $8.9 million for cultural and education programs and more than $1 billion across all of its programs in housing, business and community facilities.
Funding is contingent upon the recipient meeting the terms of the loan agreement.