 Ground was broken Wednesday for Castle Manor, a 54-bed assisted
living facility to be built on the site of the old Wal-Mart. The
local nonprofit that is building the complex took advantage of a
community facilities loan guarantee program from a federal agency to
keep their costs manageable.
Outside financial support for Castle Manor was provided by the
State Bank of Lincoln and USDA Rural Development. A substantial part
of the loan from State Bank of Lincoln was guaranteed by Rural
Development, a federal agency that provides affordable financing
options in smaller communities. The same arrangement is being used
by Lincoln College to finance its new convocation and athletic
center.
The government's loan guarantee is probably the easiest way for
communities and nonprofits to have access to money and good
financing terms to address local needs. The guarantee can help
leverage grant funds or low-cost loans directly from Rural
Development. Their community funding is available for health care,
public safety, public services, distance learning and telemedicine.
Loans and grants from other Rural Development programs have been
used to fund other recent projects in the area. They include
revolving loan programs to help businesses in Havana and Mason City,
a movie theater in Clinton, and a storm siren in San Jose. Last year
106 homebuyers in Logan County alone used their guarantee to get
affordable mortgages.
More information on the agency's support for housing, business,
water systems and community facility financing is available by
calling the Jacksonville office at 243-1535, ext. 4, or by checking
online at
www.rurdev.usda.gov/il.
[Text from file received from Joan
Messina, public information coordinator, USDA Rural Development] |
