USDA Offers Historically Low Interest Rates for Community Facility, Water System, and Waste Disposal Loans
Is your rural community ready to move forward with an infrastructure upgrade or construction project? USDA Rural Development provides long-term, low-interest loans to help small communities create or upgrade community facilities, water systems, and waste disposal facilities. Our new interest rates are the lowest they have been in three decades. Combined with our extended loan terms of up to 40 years, Rural Development can provide financing that makes your community infrastructure project more affordable.
Contact a local USDA Community Programs Specialist today to learn more about the funding available through Rural Development, whether your community is looking for a new water, wastewater, solid waste disposal, or stormwater system; police or fire station; city hall, community center, or library; hospital or healthcare equipment; or education facility. Applicants may also be eligible for grant funding.
Community Facility Projects:
USDA Rural Development provides affordable funding for the purchase, construction, or improvement of essential community facilities in rural areas through the Community Facilities Direct Loan and Grant Program. For example, the Curry Health District received a low-interest, extended-term loan from USDA last year that enabled the community to move forward with the construction of a new multi-story, 60,000 square foot hospital.
Interest rates are now just 2.875% for loans obligated between April 1 and June 30, 2016.
Water & Waste Projects:
USDA provides rural communities with the technical assistance and financing necessary to develop or repair drinking water, wastewater, solid waste disposal, and stormwater systems through the Water & Environmental Programs. For example, the Pacific City Joint Water-Sanitary Authority last year received a low-interest, extended-term loan, as well as grant funding, from USDA to upgrade their 35-year-old wastewater treatment system to meet heightened environmental requirements and expand capacity.
Interest rates for these programs are now just 1.75% to 2.875% for loans obligated between April 1 and June 30, 2016.
For very small, low-income communities just beginning the planning process for a water or waste disposal project, Rural Development’s Water & Waste Disposal Predevelopment Planning Grants Program and Special Evaluation Assistance for Rural Communities and Households (SEARCH) Program can help you with the initial planning and development of an application.
For more information…
Questions related to USDA Community Programs in Oregon may be directed to a local Community Programs Specialist.
For projects outside of Oregon…
Those with project proposals outside of Oregon should contact USDA Rural Development in the corresponding state.