Streamline - Summer 2015 - (Page 23)

Rural communities are under increasing pressure to find ways to lower their financial obligations while continuing to improve rural services. USDA Rural Development BY JANICE STROUB-BICKES USDA RURAL DEVELOPMENT has over forty different programs that invest capital into rural America. We appreciate the opportunity to share these programs through STREAMLINE. I believe that many of the readers are familiar with our water, waste water and storm water loan and grant program. This is our flagship program which has invested $336.6 million in rural Virginia since 2009; $238.5 million in loan funds and another $98.1 million in grant funds. This represents 525,699 rural residents receiving new or improved water and waste water systems and 121 projects funded. We are continuing to fund this program and have obligated over $9.2 million dollars since October 1, 2014. Rural communities are under increasing pressure to find ways to lower their financial obligations while continuing to improve rural services. Rural Development has an underutilized loan program, the Water and Waste Disposal Loan Guarantee Program, that may help rural utilities refinance older, higher interest loans with today's historically low interest rates. This program helps private lenders provide affordable financing to qualified borrowers to improve access to clean, reliable water and waste disposal systems for households and businesses in rural areas. Private lenders, such as your local bank and large national lenders, as well as Virginia State bond banks, can receive a 90% USDA guarantee on new drinking water, sanitary sewers, solid waste disposal and storm water disposal facilities and on those simply needing to refinance their USDA existing debt. Non-agency (USDA) debt can be refinanced when it is a secondary part of the total loan package. An applicant can also refinance their agency debt with a guaranteed loan and get a direct USDA loan for a new construction or improvement loan if that is what they need to have a financially viable project. The 90% guarantee provides security for the bank and can enable an eligible borrower 23

Table of Contents for the Digital Edition of Streamline - Summer 2015

From the President: A Disinfection Byproducts Odyssey
From the Executive Director: It’s Over
Importance of Professional Relationships in the Water and Wastewater Industry
Spring Cleaning … All Year Long
Region Meetings: the Next Big Thing
Preventing Heat-Related Illnesses
Virginia Source Water
USDA Rural Development
A Successful Model for Waterworks
Professional Licensing Update: News You Can Use
NRWA Recap
Tank Team Tackles Water Distribution
VRWA 2015 Conference Highlights
Town of Lovettsville Wins the ‘Great Water Taste Contest’
Throwing My Loop: Helpers in Our Path
Wastewater Crossword
VRWA Booster Club
e-Learning Benefits
Membership Application
Do You Know What Your VRWA Benefits Are?
VRWA Mailbag
New Members
Board of Directors
VRWA Committees
Index to Advertisers/

Streamline - Summer 2015