nonmetropolitan median household income; and provide health care, public safety services, or services identified as necessary in the State strategic plan. All borrower funds and other CF financial assistance (direct or guaranteed funds) must be expended before grant funds are made available. Grant funds will not be disbursed from the Treasury until they are actually needed by the applicant. Eligibility of an applicant can be determined by filing a preapplication package with the appropriate Rural Development Area Office. Eligible applicants will be invited to file a formal application subject to the availability of funds. Personnel will directly assist the applicant in the preparation of the loan docket. After eligibility is determined but prior to the development of the loan docket, we must be able to satisfactorily-- 1. review and approve the Preliminary Architectural Report 2. review and approve the Architectural Agreement
regulatory agencies' established standards. The health/sanitation provisions do not apply to health care and related facilities that provide direct health care to the public. Rates are subject to change quarterly (January 1, April 1, July 1, and October 1). The market rate is based on the performance of the Bond Buyer Index. The intermediate rate is set halfway between the poverty and market rates but not to exceed 7 percent. Rates are fixed and the maximum rate is established at the time the loan is approved. If rates drop by the time the loan is closed, the applicant is afforded the opportunity to receive the lower rate. Repayment Terms: Up to 40 years for both direct
and guaranteed loans based on applicant's authority and life expectancy of the facility.
Security - Guaranteed & Direct Loans:
Public Bodies / Non-Profit Corporations - Revenue Bonds, General Obligation Bonds, Special Assessment Bonds, Promissory Notes, Real Estate Mortgages, Financing Statements, Security Agreements. Security instruments for guaranteed loans must be taxable issues.
3. complete the environmental review and assessment of the project impact on the human environment to include the applicant's required advertisements and
Maximum Amounts:
notifications to interested parties.
Direct Loans - May be obtained for 100 percent of eligible project costs subject to adequate security, ability to repay, applicant's authority to borrow, and availability of funds. Guaranteed Loans - Same as for direct loans as determined by private lender and approved by Rural Development. However, the Rural Development guarantee cannot exceed 80 percent of the loan. Grants - Grant assistance may be available to supplement financial assistance. A scale has been developed to predetermine grant funding limitations based on population and income. Grant assistance may be further limited to the minimum amount sufficient to provide economic feasibility to the proposed project. Subject to a cap of $50,000 per project. Projects are scored on a priority point system. Projects that will receive highest priority are those that serve small communities with a population of 5,000 or less; serve very low-income communities with a median household income below the higher of the poverty line or 60 percent of the
4. any other item that is related to the above three items or is pertinent in being able to
determine project feasibility. Application should be made at the Rural
Development Area Office. The Area Office staff will be glad to discuss services available from Rural Development and explain how to submit an application for financial assistance.
Georgia has Area Offices in: Cartersville 678-719-3508 Monroe 770-267-1413 Fort Valley 478-827-0016 Sandersville 478-552-0901 Tifton 229-382-0273
Statesboro 912-871-2620, ext. 4 Georgia State Office 706-546-2171
Made with FlippingBook Online newsletter maker