Dan Friedrich, Director of HealthPOINT at Dakota State University, moderated the health financing workshop.
“We wouldn’t be all that we are today if it weren’t for USDA”, said Verne Hansen, Board President of the Faulkton Area Medical Center (FAMC). With help from Rural Development, South Dakota, FAMC leveraged $5 million in loans and loan guarantees to build a state-of-the-art 12-bed facility serving as the Critical Access Hospital for Faulkton (population 744) and the surrounding community. This new facility has yielded a 500% increase in patient revenues and improved the level of care. Due to overwhelming demand, FAMC is planning an expansion to continue meeting the health care needs of rural South Dakotans.
Recently, South Dakota’s Rural Development office teamed up with the Department of Health and Human Services, the State of South Dakota, the South Dakota Association of Healthcare Organizations, Dakota State University, and East River Electric Cooperative to bring together providers and funders to generate concrete plans improving access to rural health care in our state. One concrete outcome was workshop on the collaborative Rural Health Financing Initiative, where we focus on maximizing and utilizing the resources we currently have at our disposal to best meet the needs of today and the future. To illustrate the path to success, Faulkton Area Medical Center CEO Jay Jahnig gave a first-hand example of how USDA was able to provide the financial support that allowed FAMC to significantly increase its quality and quantity of service to the community. Read more »
Legends Suspensions owner Jesse Jurrens demonstrates a custom manufactured spring coil from their Sturgis-based manufacturing center.
To me, the phrase ‘economic development’ is more than a buzzword – and that was reinforced during an all-too-brief trip to western South Dakota. It’s easy to get caught up in the policymaking and program implementation in Washington, D.C., and I find great value in getting to the field so I can see exactly how these programs are helping our local stakeholders and partners, small business lenders, and entrepreneurs make investments in the local economy.
I started out the day in Sturgis, where we met up with Legends Suspensions owner Jesse Jurrens. With the backing of two Business & Industry Guaranteed Loans, Jesse has shaped and changed the sport and lifestyle of motorcyclists globally. With his lean and efficient business model, he’s become a global force in motorcycle suspensions. We also visited Landsport, another Sturgis-based business that specializes in manufacturing and marketing aluminum loading ramps, drop deck ramps, service ramps, and other custom applications. Landsport used a Business & Industry guaranteed loan to expand its production and work staff. After meeting with the staff at both facilities, I walked away knowing these operations have a long-term vision for success and growth. USDA and our lending partners helped give them the freedom to execute that vision. Read more »
Pictured above are Heidi Richards and her daughter in their newly constructed Habitat home with Deputy Under Secretary, Patrice Kunesh.
Recently, I visited the Habitat for Humanity homes on Cape Cod, Massachusetts in celebration of National Homeownership Month, a time to recognize the important role that housing plays in the economy. The construction of these homes was made possible through loans from USDA Rural Development (RD).
The partnership between USDA Rural Development and the Cape Cod Chapter of Habitat for Humanity continues to help provide numerous low-income families with safe, affordable, and well-built homes. USDA Rural Development and the Cape Cod Chapter of Habitat for Humanity first partnered in 2011. In FY 2013, USDA Rural Development financed four out of five of the Habitat homes built on Cape Cod, and they are currently on track to finance eight more Habitat homes being built on Cape Cod in FY 2014. Read more »
Maria and Ignacio Gordillo of Reedley, Calif., helped build their house last year through USDA’s Mutual Self-Help Housing Loan Program. More than 50,000 rural families have become homeowners using their “sweat equity” as a down payment on an affordable USDA mortgage.
More than 50,000 rural families have become homeowners using their “sweat equity” as their down payment on an affordable USDA mortgage.
What is “sweat equity?” These families have helped build their own homes and provided most of the construction labor with guidance from a qualified construction supervisor through USDA’s Mutual Self-Help Housing Loan Program. The “sweat equity” — the savings in labor costs — reduced the amount of the home loan and made the monthly payments affordable.
June is National Homeownership Month. USDA is celebrating the self-help program and the 50,000+ rural families who have invested in a home of their own through self-help housing. Read more »
A USDA Section 502 Home Loan Guarantee helped the Goetz family secure a bank loan on their rural Kansas home.
In rural areas, financing a home can be difficult. There often aren’t as many lenders serving rural locations as there are in more densely populated parts of the country. Also, some rural lenders may require a larger down payment or a higher interest rate to secure a loan. Fortunately, USDA Rural Development partners with more than 3,000 housing lenders to make sure low- and moderate-income rural families have a chance to enter the housing market.
Through the Section 502 Guaranteed Housing Loan Program, USDA Rural Development backs loans made by approved lenders for the purchase, refinance, renovation, or repair of an owner-occupied residence. The USDA guarantee allows lenders to provide 100-percent financing on a safe, low-interest, 30-year mortgage. Read more »
The Riggio family was able to purchase their home in Newville, Pennsylvania, with a loan from USDA Rural Development’s Self-Help Housing Loan Program.
As we celebrate National Homeownership Month this June, I am reminded how USDA delivers positive outcomes ‘Every Day, Every Way’ through the comprehensive programs and services that touch the lives of every American. While many people think of USDA in terms of food, farms and forestry, nearly 3.4 million families over the past 65 years have found the affordable financing they needed to become homeowners through USDA Rural Development.
In 2013 alone, more than 170,000 rural residents became homeowners with the help of Rural Development’s direct loans, guaranteed loans, grants and technical assistance. In both people and dollars, 2013 was the most successful year on record in the history of USDA’s single-family housing programs. Read more »