Cartwright Announces a USDA Loan for $534,658 to Central PA Development Association
Frackville, PA – Today, U.S. Representative Matt Cartwright announced the U.S. Department of Agriculture (USDA) Rural Development division awarded a Multi-Family Housing Loan Guarantee to the Central Pennsylvania Development Association in Schuylkill County.
This Rural Development loan guarantee investment will be used to rehabilitate existing multi-family properties with higher energy efficient windows, doors, roofs, new siding, and upgraded appliances and fixtures in Frackville, PA. Forty-one units will be renovated. This is part of a 15 property rehabilitation project.
“Investment in our housing stock is critical for keeping our rural communities vibrant and stable,” said Rep. Cartwright a member of the House Appropriations Committee. “This is why I support programs that ensure low- and moderate-income individuals and families have access to affordable housing.
"In rural America, there are multiple housing projects that are in much need of rehabilitation. Through the use of several USDA programs, Tax Exempt Bond Financing and 4% Tax Credits, we are able to update the unit aesthetics and create a more energy efficient unit. Throughout the United States, there are several complexes that provide the only affordable housing in their community.” Said Nathan Yoder, President of the Central Pennsylvania Development Association. Without these types of programs, these apartments would never have the opportunity for renovations. The ability to renovate would be non-existent. We would like to thank Congressman Matt Cartwright for his support of H.R.1661. Many of the revisions put forth in the bill will aide greatly in continuing to provide clean, safe affordable housing in America.”
USDA Rural Development offers a broad portfolio of programs to improve the lives of rural Americans including 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. The Multi-Family Housing Loan Guarantees program works with qualified private-sector lenders to provide financing to qualified borrowers to increase the supply of affordable rental housing in eligible rural areas and towns. Applications for this program are accepted on an annual basis.