Community

Community capital loan helps finance city hall improvements

Thanks to a low-interest loan from the Rural Development Finance Corporation (RDFC), Langdon City Hall will soon get some much needed renovations.

Posted on 10/26/17

By Lisa Nowatzki

Langdon’s City Auditor RoxAnne Hoffarth applied for the loan after RDFC emailed Commission President Charles Downs information about their low-interest loans designed for community economic development activities.

The result was a community capital loan for $75,000 made  payable to the City of Langdon. The city received the loan at a low 1% interest rate payable over five years.

Part of the money will be used to make the city hall more accessible for individuals with disabilities under the American Disabilities Act of 1990. Other renovations planned include office spaces, the city commission meeting room and the building of a file room to house important city records.

“Renovations to Langdon City Hall will provide much needed space and ensure our facilities are accessible to people of all abilities,” said Langdon City Auditor RoxAnne Hoffarth.

Per RDFC, community capital loans are available to any local development group or political subdivision located in a North Dakota community with 10,000 or fewer in population. The monies can be used for micro-loans, revolving loan funds, community loans, residential property development, infrastructure, industrial park development and essential services.

According to their website, RDFC was founded in 1994 by North Dakota’s rural electric and telecommunications cooperatives. The group forms a non-profit corporation that encourages economic diversification and community vitality through the generation of funding that supports sustainable asset building. RDFC is a North Dakota non-profit finance and development corporation whose member-owners are all the North Dakota Rural Electric Cooperatives, nine of the North Dakota Rural Telecommunication Cooperatives and the North Dakota Association of Rural Electric Cooperatives.

Funding for these programs comes from fee income generated by Dakotas America LLC, a certified development entity providing New Market Tax Credits in the Dakotas.

If you would like more information on RDFC or the programs they sponsor, please visit them at their website: www.ndarec.com