Using Rural Development Advance (RDA) funding, member lender HSBC Bank USA provided $83,000 in financing to help Farman Free Library relocate to Ellington, New York. Due to size and safety concerns, the library was relocated to a building formerly known as “Lock, Stock and Barrell” at 190 North Park Street in Ellington. The new building is more than double the square footage of the former premises, structurally sound, and convertible to current building code capability, according to an architect from the American Institute of Architecture.
Although Ellington has a rich educational history, being the site of the first public secondary school in New York State, it lacks the benefit of a local school or community center. Farman Free Library’s presence in Ellington will help meet the educational, intellectual, and social needs of the small, rural community.
RDA funds support economic and community development projects located in local government entities with a population of less than 25,000 that benefit households with incomes at 115% or less of the area median income. Long-term funding is available with any CLP advance, allowing you to match-fund the terms and structure of your end loan, locking in a known spread for the life of the loan to mitigate interest rate risk. RDA funds may be used for the financing of commercial, small business, manufacturing, social service, and public facility projects and activities, as well as the construction and rehabilitation of public or private infrastructure, including roads, utilities, and sewers. For more information about the RDA program or to see if the project you have in mind qualifies, contact us at (212) 441-6850.
