WASHINGTON- Chuck Grassley today said that the U.S. Department of Agriculture’s Office of Rural Development has awarded a $412,000 loan to Avoca through the Water and Waste Disposal Loan program.
“This funding will make possible several needed infrastructure improvements for residents of Avoca,” Grassley said.
Avoca will use the money to help improve storm water drainage and management in the existing storm water utility system used by approximately 993 properties. The loan is for 20 years at 3.25 percent interest
The Water and Waste Disposal Loan program provides funding to develop water and waste disposal systems, including solid waste disposal and storm drainage, in rural areas and towns with a population not in excess of 10,000.
Each year, thousands of local Iowa organizations, colleges and universities, individuals and state agencies apply for competitive grants and loans from the federal government. The funding is then awarded based on each local organization or individual’s ability to meet criteria set by the federal entity.