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Virginia’s First Multi-Family Housing Guaranteed Loan Provided by USDA

A standing room only crowd welcomed Congressman Rick Boucher of the 9th District in Virginia and Ellen M. Davis, State Director for Rural Development at the January 12th funding event in Wytheville, Virginia. The ceremony highlighted the very first USDA Guaranteed Multi-Family Housing loan in the state. “The new High Meadows Town Homes fill a great need in our community-the need for high quality, affordable rental housing” said Congressman Boucher during his remarks.

The new town homes were financed by a $2.1 million dollar guaranteed multi-family housing loan made by Lancaster Pollard Mortgage Service.  Carl Wagner representing the mortgage service said, “We are delighted to assist in this first guaranteed venture in Virginia and that this is only the beginning of this type of relationship as Lancaster and Pollard will be looking to financing many more complexes in the future.”

The total cost of the project is over $9 million dollars and will provide 60 new modern, energy efficient one, two and three bedroom apartments to the Wytheville main street corridor. The Town Manage for Wytheville, Wayne Sutherland, was also on hand and remarked, “Our small town has grown over the years and the new town homes will be necessary for our continued prosperity as a growing rural community.”

Accepting the funding certificate was Mark Kinser, CEO of High Meadows Associates based in Radford, Virginia.

Submitted by Vern Orrell, Assistant to the State Director, USDA Rural Development, VA

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