WASHINGTON- Senator Chuck Grassley today announced that the U.S. Department of Agriculture, Office of Rural Development has awarded a $700,000 direct loan to Wesley Retirement Services in Johnston through the Community Facility Direct Loan Program.
The Community Facilities Direct Loan Program assists in the development of essential community facilities in rural areas with less than 20,000 residents.
Wesley Retirement Services will use the funds to help renovate the Park Centre facility in Newton. Twenty existing residential care facility beds will be converted to 18 dually certified nursing facility and skilled nursing beds with an adjacent therapy room and separate dining area. The direct loan will be for 40 years at 5.125 percent interest.