WASHINGTON, DC – September 3, 2009 – (RealEstateRama) — Senator Chuck Grassley today announced that the U.S. Department of Agriculture, Office of Rural Development has awarded a $350,009 loan to Palo Senior Citizens Housing in Atkins through the Rural Rental Housing Direct Loan Program.
“This money will help Palo Senior Citizens Housing as they continue to rebuild their facility after the flooding last year,” Grassley said.
Palo Senior Citizens Housing will use the money to help renovate eight apartments destroyed by last year’s flooding.
The Rural Rental Housing Loan Program makes available direct, competitive mortgage loans to help provide affordable multifamily rental housing for very low-, low-, and moderate-income families, the elderly and persons with disabilities. This program is primarily a direct mortgage program, but its funds may also be used to buy and improve land and to provide necessary facilities such as water and waste disposal systems.
