United States Department of Agriculture (USDA) Rural Development has released its Fiscal Year (FY) 2016 data for Indiana. $740,513,782 in investments was approved for projects in the state during the past fiscal year which ran from October 1, 2015, through September 30, 2016.
USDA Rural Development Indiana State Director Philip Lehmkuhler said, “Not only was this a significant year for USDA Rural Development but also for the residents of Indiana. The impact these dollars make throughout the state will touch the lives of many Hoosiers. USDA Rural Development is committed to revitalizing Indiana’s rural communities and bringing quality facilities such as hospitals, public buildings, and community centers to small towns and cities that can benefit from new construction or upgrades to existing ones.”
During the past 8 years of the Obama Administration, USDA Rural Development has invested over $6.5 billion into rural Indiana - more than the past two administrations combined.
During FY 2016, USDA Rural Development’s Business Programs invested $22,767,876 through 43 projects. The purpose of the B&I Guaranteed Loan Program is to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities. This purpose is achieved by bolstering the existing private credit structure through the guarantee of quality loans which will provide lasting community benefits.
Over $10 million was funded through Renewable Energy for America Program (REAP) loans and grants. REAP helps increase American energy independence by increasing the private sector supply of renewable energy and decreasing the demand for energy through energy efficiency improvements. Over time, these investments can also help lower the cost of energy costs for small businesses and agricultural producers.
Community Programs provided 23 community projects worth $5,537,250 and 31 Water & Waste projects for $85,072,100. Indiana’s CP approvals were #1 in loan and grant making by dollar amounts in the nation. In Water and Environmental Programs, with the loans and grants made, over 51,000 rural Americans in Indiana will benefit from new and improved water and sewer service. Six Utility Program projects were approved for $21,286,348.
Community/Utility Programs are the foundation of rural infrastructure. Community Programs provide loans and grants and loan guarantees for water and environmental projects, as well as community facilities projects. Water and environmental projects include water systems, waste systems, solid waste, and storm drainage facilities. Community facilities projects develop essential community facilities for public use in rural areas and may include hospitals, fire protection, safety, as well as many other community-based initiatives. The Utilities Program can provide electric power and telecommunications services which help rural areas expand economic opportunities and improve the quality of life for their residents.
Housing Programs invested $605,850,208 in Indiana housing through 5,367 projects and rental assistance, helping a 5,189 rural Hoosiers purchase their own home in the past 12 months. Our Housing Program ranked number four in the nation this fiscal year.
Well built, affordable housing is essential to the vitality of communities in rural America. USDA Rural Development’s Single Family Housing Programs give families and individuals the opportunity to buy, build, repair, or own safe and affordable homes located in rural America. Eligibility for these loans, loan guarantees, and grants is based on income and varies according to the average median income for each area.
We provide affordable multi-family rental housing in rural areas by financing projects geared for low-income, elderly and disabled individuals and families as well as domestic farm laborers. We extend our reach by guaranteeing loans for affordable rental housing designed for low to moderate-income residents in rural areas and towns.
We preserve our portfolio of some 14,000 properties by aggressively restructuring loans for existing rural rental housing and off-farm labor housing projects to allow for sufficient reserves to meet major repairs and improvements over the lifetime of the property. On a yearly basis we provide grants to sponsoring organizations to repair or rehabilitate housing for needy families. We also subsidize rents for low-income tenants in our projects who cannot afford to pay their full rent.