USDA funds apartment restorations

2/21/2012

Located in Florida, the Palmetto Villas Apartments is a low-income complex originally built in 1979, according to the Bradenton Herald. It offers 49 units comprising of 800-square-foot, two-bedroom apartments and 925-square-foot, three-bedroom apartments.

Recently, however, the property was in distress.

"A year ago this was a battleground," Richard A. Machek, state director for the United States Department of Agriculture Rural Development office, told the news source.

A USDA loan changed all that, granting Palmettos $1.12 million through its Rural Development Agency's Guaranteed Rental Housing (GHR) program.

GHR loans are typically granted to citizens, corporations and partnerships that help provide affordable housing to rural communities, the news source notes. And according to the USDA's website, recipients' incomes must not exceed 115 percent of area median income (AMI).

Renovations included the installation of new air-conditioning units, exterior doors and roofs that resist 130-mph winds and an advanced video security system. The work took six months to complete, and will not affect tenants' rent.

"When I moved here it was kinda bad," long-time resident Jacob Miller told the news source. "But now it’s really good. They've really fixed it, it's nice and quiet now."