Central Electric LoansMount Vernon Economic Development Group
Category: Central, Community
Mount Vernon Economic Development Group Receives Funding for Housing
MOUNT VERNON, SD, February 10, 2020 – The Mount Vernon Economic Development Group (MVEDG) has constructed another two houses for income-qualified families in the town of Mount Vernon with the help of a Rural Economic Electric Development (REED) loan through Central Electric Cooperative.
The economic development group has been successful with the SD Governor’s Home program and, to date, has sold five houses. Funds from this loan helped the group get two more houses ready for sale.
Central Electric Manager, Ken Schlimgen said, “We are happy to help fill a gap in a rural community. Concern for community is one of the seven cooperative principles. Affordable housing is always needed in our rural communities.”
The houses are three-bedroom, two-bathroom homes with a double garage and an unfinished basement. They are a great option for families, elderly or young people just starting out. The Governor’s House Program provides reasonably sized, affordable home to income-qualified individuals and families. For information about the program, visit https://www.sdhda.org/homeownership/governors-house-program.
“A couple of the homeowners are Mount Vernon High School graduates that have come back to work and live here,” says MVEDG President Dave Anderson. “We are also seeing kindergarten classes in our school that are larger than our graduating senior class the last couple years.”
Central Electric Cooperative utilizes the REED Fund to partner with local banks, other loan funds, and state and federal agencies to finance community and economic development projects. The REED Fund provides gap financing to new and expanding businesses that create jobs. The REED Fund also helps local communities finance improvements to local facilities, services and infrastructure.
New and expanding businesses or communities in need of financing for facilities or services should contact Central Electric Cooperative at 605-996-7516 for a loan application. Organizations can also contact the REED Fund at (605) 256-4536 or find more information at www.reedfund.coop.