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State gets $30M for home loans from stimulus
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Georgia has received $30 million in Recovery Act funds for direct home loans through USDA Rural Development for qualifying families considered to have low and very low incomes to purchase or build a home in a rural area.
To qualify, Georgians must have low or very low dependable income, have good credit and debt level to show repayment of the loan. The houses must be in eligible rural areas, generally with population less than 20,000, and applications must be made by Sept. 30.
“These amounts are greater than the funds we had remaining,” said Ed Peace, director of single-family housing for USDA Rural Development in Georgia. “This is a wonderful opportunity for rural families who want to become homeowners. These funds will disappear after Sept. 30, 2010, so we encourage those interested to call us immediately.”
So far, Georgia has helped 288 rural families through the direct home loan program, obligating over $31.7 million to help families achieve the dream of homeownership. The Recovery Act has funded 220 home loans for almost $25.8 million.
The state received the additional funds July 19, when pooled funds from all states are redistributed from Washington, D.C.
“The time has never been better for rural Georgia families to consider buying a home,” said Shirley Sherrod, former state director. “These funds can be used to purchase an existing home or to build a new one.”
USDA Rural Development’s direct loan program has many positive features including 100 percent financing and low interest rates. House payments are based on household income.
The program also has built in provisions, for example, so that down the line, if someone loses their job, mortgage payments can be deferred and rolled into the end of the loan. This provision is only available to Rural Development borrowers after the loan has closed and isn’t available to families that have homes from other lenders.
The low and very low designation is based on Median Household Income for each county, as well as how many people are living in the house. To check income levels for a specific county or the house address, visit: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do. Use the panel on the left to navigate.
For more information, visit http://www.rurdev.usda.gov/ga. Rural Development has offices around the state to assist with the application process.
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GPA grows trade, market share
Intermodal volume up 20 percent
port photo
Rubber tired gantry cranes handle cargo at the Chatham Intermodal Container Transfer Facility at the Port of Savannah. The Georgia Ports Authority's Mason Mega Rail project will double rail lift capacity to 1 million containers per year by 2020 - photo by Provided

The Georgia Ports Authority achieved 14 percent growth in March container volumes, moving 355,208 20-foot equivalent unit (TEU) containers.

From July 2017 to March, TEU container trade grew by 9 percent, or 255,786 additional units for a total of 3.08 million, a new record for Savannah.

"Savannah's continued strength is a reflection of our customers' commitment, Georgia's leadership, and the many dedicated service providers, GPA employees and ILA members who come together every day to achieve great things," said GPA Executive Director Griff Lynch. "March marked our 17th consecutive month of business expansion thanks, in part, to a strong economy and growing market share."

Intermodal rail volumes jumped by 20 percent in March and 15.4 percent for the fiscal year to date, for a total of 318,454 containers handled over nine months – another record for the GPA.

"As the numbers show, our rail cargo is growing at a faster pace than our overall trade," GPA Chairman Jimmy Allgood said. "This is important because rail is playing a key role in our responsible growth strategy. We anticipate our rail infrastructure investments to take 250,000 trucks off the road each year by 2020."

The GPA recently broke ground on its Mason Mega Rail Terminal, on which the Port of Savannah will build 10,000-foot unit trains within its own footprint. From the expanded rail infrastructure at Garden City Terminal, Class I rail providers CSX and Norfolk Southern will provide direct rail service to major Southeast and Midwestern markets from Memphis to St. Louis, Chicago to Cincinnati.

An added benefit is that the Mason Mega Rail project will move all rail switching on terminal – improving vehicle traffic flow around the port.

In August, the GPA will open its Appalachian Regional Port in Murray County. Located in an industrial belt, including the production and export of carpet and flooring, automobiles and tires, the ARP will provide an alternative to all-truck transit to Northwest Georgia.

Each round-trip container moved via the Appalachian Regional Port will offset 710 truck miles on Georgia highways.

March was also a strong month for roll-on/roll-off auto and machinery units at the Port of Brunswick and Ocean Terminal in Savannah. Colonel's Island Terminal in Brunswick handled 66,144 cars, trucks and tractors, while Ocean Terminal added 4,050, for a total 70,194, a 17.2 percent increase.

"The global economy is thriving and our volumes are following suit," Lynch said. "As existing accounts grow their footprint in the expanding auto facility in Brunswick, Georgia's competitive logistical advantages are drawing additional business across all of our docks."

Lynch noted that for the fiscal year to date, Mayor's Point breakbulk terminal in Brunswick grew by 44 percent (34,515 tons) to reach 112,728 tons of forest products. At East River Terminal, bulk cargo expanded by 34 percent July-March (189,918 tons) for a total of 750,384 tons.

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