Multi-Family Housing Program Directors FROM
Multi-Family Housing Program Directors FROM
Multi-Family Housing Program Directors FROM
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March 30, 2006<br />
SUBJECT:<br />
Rural Economic Development Loan and Grant <strong>Program</strong><br />
Projects Funded for Second Quarter<br />
Fiscal Year 2006<br />
TO:<br />
State <strong>Directors</strong>, Rural Development<br />
ATTN:<br />
Business <strong>Program</strong>s <strong>Directors</strong><br />
The Business <strong>Program</strong>s has announced loan and grant selections for the second quarter of fiscal year (FY)<br />
2006 under the Rural Economic Development Loan and Grant (REDLG) <strong>Program</strong>. A listing of loan and<br />
grant awards is attached for your information.<br />
During the second quarter of FY 2006, 37 zero-interest loan applications totaling $17,362,000 were<br />
considered by Business <strong>Program</strong>s. Based on the availability of funds, 14 applications were selected for<br />
funding totaling $7,079,000. These funds will be leveraged by $115,856,121 of private and public<br />
financing and directly create 338 jobs in rural areas and help save 563 existing positions.<br />
In addition to the loan selections, 10 grants totaling $2,742,360 to finance revolving loan fund programs<br />
that will be operated by rural electric utilities were selected for funding. The initial zero-interest loans from<br />
the revolving loan fund programs, leveraged by $11,004,478 in private and public financing, will provide<br />
financing for a new fire station, childcare center and develop essential community facilities in rural<br />
America. An estimated 145 new jobs will be created and 335 jobs will be saved as a result of these grants.<br />
EXPIRATION DATE:<br />
September 30, 2006<br />
FILING INSTRUCTIONS:<br />
Community/Business <strong>Program</strong>s
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