The USDA is investing $ 156 million in the next fiscal year to fund health-related improvements through its Direct Loan Community Facility program. In the past, the program has supported long-term care facilities.
“USDA’s Rural Development Programs and Services are uniquely positioned to help rural communities facing the challenges posed by the pandemic,” US Deputy Assistant Secretary of Agriculture for Development Justin Maxson said in a statement. Lument Press Release… The investment, he said, “will spur community development and build reliable infrastructure such as hospitals and healthcare facilities to help rural America build better and stronger.”
In fiscal 2021, the program funded 41 projects across the country. Among them, Lument facilitated a deal last year to build the Fieldstone of DeWitt, a 91-unit campus in eastern Iowa that will include nursing home living, memory support, short-term rehabilitation, and trained nursing staff. Funding for the project was obtained through a USD 19.33 million direct loan and a USD 2.5 million commercial bank loan.
“Key benefits of the USDA CFD structure include 40 years and amortization, as well as a low fixed interest rate,” said Quintin Harris, Managing Director of Lument. said in the press release.