Thursday, May 6, 2010

Socorro To Receive Infrastructure Funding

U.S. Senator Jeff Bingaman and Congressman Harry Teague announced in separate press releases this week that the City of Socorro has been awarded a combination of a grant and a low interest loan that will allow the city to extend its water and wastewater infrastructure to residents currently not being served.
Socorro will receive a $1.5 million grant and a $515,000 loan from the U.S. Department of Agriculture’s Economic Development Agency. The funds will be used to extend distribution lines and lift stations.
“This investment in Socorro will benefit residents who are not yet served by the city’s water and wastewater infrastructure. It is a tremendous investment in the people – and the future – of Socorro,” Bingaman said.
The grant will not have to be repaid; the loan will be repaid over 40 years at an interest rate of 2.5 percent.
Last year, the USDA made a similar investment in Socorro’s water/wastewater infrastructure when it awarded the city a $1.08 million grant and a $132,000 loan. Bingaman was in Socorro in February to celebrate that announcement. Socorro was also awarded a $75,000 grant this year from the American Recovery and Reinvestment Act.
“Infrastructure projects like this have long-lasting, important benefits right here at home in New Mexico,” Teague said. “By expanding utility access and resources, the city of Socorro will be better able to service area residents while creating much needed jobs in the community.”
USDA Rural Development’s mission is to increase economic opportunity and improve the quality of life for rural residents. Rural Development fosters growth in homeownership, finances business development and supports the creation of critical community and technology infrastructure.

No comments:

Post a Comment