CONGRESSMAN SANFORD BISHOP ANNOUNCES $2.5 MILLION IN RURAL DEVELOPMENT LOAN GUARANTEES FOR SOUTHWEST GEORGIA
Jun 14, 2018
WASHINGTON, DC – Congressman Sanford D. Bishop, Jr. (GA-02) is pleased to announce that the U.S. Department of Agriculture’s (USDA) Rural Housing Service has approved over $2.5 million in Multi-Family Housing Loan Guarantees for Southwest Georgia.
This includes $588,000 in loan guarantees in Stewart County, $796,000 in loan guarantees in Marion County, and $1.154 million in loan guarantees in Terrell County. These loan guarantees will allow for substantial renovation of 146 affordable housing apartment units to bring them up to modern standards, addressing accessibility and functional obsolescence. No residents are expected to be permanently displaced and construction is anticipated to be complete within 24 months.
“Adequate housing is fundamental to one’s identity and dignity,” said Congressman Bishop. “Ensuring access to housing is a vital foundational block for improving quality of life. USDA’s loan guarantees have and will continue to go a long way to ensuring our residents in Middle and Southwest Georgia have access to safe and affordable housing, and I applaud USDA and the Rural Housing Service for its work in this area.”
USDA’s Multi-Family Housing Loan Guarantee program, administered by USDA’s Rural Housing Service, works with qualified private-sector lenders to provide financing to qualified borrowers to increase the supply of affordable rental housing for low and moderate income individuals and families in rural communities. Additional information on the program can be found here.