WASHINGTON, D.C. – (RealEstateRama) — Congressman Morgan Griffith (R-VA) today announced that Emory & Henry College has been approved for a $46 million low-interest direct loan and a $5 million guaranteed third-party loan by U.S. Department of Agriculture (USDA) Rural Development, allowing the school to fund campus improvement projects including the development of new apartment-style residence halls for upper class students.
“I am pleased that Emory & Henry has secured affordable funding from USDA Rural Development to help improve its campus for its students, and applaud the efforts of those who worked to secure it,” said Griffith. “This program, the USDA Rural Development Community Facilities Direct Loan and Grant Program, is essential for institutions of higher learning, like Emory & Henry, to expand and develop their footprint in rural America.”
Campus improvement projects that the funds will help finance include the development of new apartment-style residence halls for upper class students. The Village will feature 206 beds in eight residence halls, including six apartment-style townhouses. The new living community will also include a community center featuring a workout room, relaxation areas and collaborative meeting space for the 300-plus students who live in that neighborhood of the main campus.
“This partnership with the USDA is a major step forward in the development of a true 21st century living and learning environment at Emory & Henry,” said Jake B. Schrum, Emory & Henry College President.
“Our partnerships with institutions of higher education in Virginia are essential in improving the economy and quality of life in the state,” said Janice Stroud-Bickes, Acting Virginia State Director, USDA Rural Development. “Through this low-interest loan for Emory & Henry and others like it across the state, USDA Rural Development enables some of our most important community organizations to make affordable facility improvements and to build upon the progress they’ve already sparked. Partnerships like this one help set our young people on direct paths to being leaders in Virginia and in the world.”
Funding announced today is made available through the USDA Rural Development Community Facilities Direct Loan and Grant Program, which provides affordable funding to develop essential community facilities in rural areas. Funds can be used to purchase, construct, and/or improve community facilities; purchase equipment; and pay related project expenses.
So far in fiscal year 2016, USDA Rural Development Virginia has invested in more than 70 community facilities projects that utilized more than $80 million in loans and grants.
Kelly Lungren McCollum (202-225-3861)