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USDA Rural Development Lowers Interest Rates

  • Thu, 03/31/2016 - 2:43pm
  • scalera

USDA Rural Development Lowers Interest Rates

Washington D.C. (March 30, 2016) – The U.S. Department of Agriculture has announced new, low rates for their Rural Utility Services loan programs.

The following rates will be effective on April 1:

  • Market: 2.875%
  • Intermediate: 2.25%
  • Poverty: 1.75%

“These new low interest rates for the USDA Water and Waste Disposal Program are an opportunity for rural communities to upgrade, expand, or replace their infrastructure affordably and bring cleaner, more reliable service to rural residents,” said RUS Administrator Brandon McBride. “Funding is available and USDA is ready to work with rural water leaders now while this low rate window is open.”

USDA’s Rural Utilities Service administers programs that provide infrastructure and infrastructure improvements to rural communities.

“USDA plays a critical role in helping to expand economic opportunities and improve the quality of life for rural Americans,” said Sam Wade, CEO of the National Rural Water Association.  “These rates are incredibly low, and systems would be wise to take advantage of this opportunity to make needed improvements.” 

Project loans can have up to 40-year payback period, based on the useful life of the facilities financed.  The interest rate is based on the need for the project and the median household income of the area to be served.  Applications are accepted year round at local offices of USDA Rural Development, or online using RDApply: https://rdapply.usda.gov.  Utilities and communities interested in learning more about these programs and the available rates can contact the state Rural Development office at 315-477-6465 or at their regional offices, please see below:

Greenwich Area including Washington, Essex, Hamilton, Rensselaer, Saratoga, and Warren Counties 518-692-9940 ext 4

Middletown Area including Dutchess, Richmond, Ulster, Orange, Putnam, Rockland, Sullivan, Westchester, Suffolk, and Columbia Counties  845-343-1872 ext 4

Schoharie Area including Montgomery, Fulton, Schoharie, Albany, Schenectady, Greene, Otsego, and Delaware Counties 518-295-8600 ext 4

Canton Area including St. Lawrence, Clinton and Franklin Counties 315-386-2401 ext 4

Marcy Area including Herkimer, Madison and Oneida Counties 315-736-3316 ext 4

Watertown Area including Jefferson, Lewis, and Oswego Counties 315-782-7289 ext 4

Batavia Area including Genesee, Orleans, Monroe, Niagara, and Wyoming Counties 585-343-9167 ext 4

Bath Area including Steuben, Allegany, Cattaraugus, Chautauqua, Chemung, and Schuyler Counties 607-776-7398 ext 4

Canandaigua Area including Ontario, Wayne, Yates, Monroe, Livingston, and Seneca Counties 585-394-0525 ext 4

Cortland Area including Onondaga, Cortland, Broome, Cayuga, Chenango, Tioga and Tompkins Counties 607-753-0851 ext 4

 

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