This week U.S. Agriculture Secretary Tom Vilsack announced a $400 million federal program to reduce rural poverty in America, reports The Lexington Herald-Leader.
The White House’s latest initiative provides funds to groups with a successful track record of helping reduce poverty in the nation’s poorest and most isolated rural communities. The program will provide long-term, low-interest financing to private lenders across the U.S. These private banks will, in turn., re-lend funds to community development organizations across the nation.
The money will be used to build or renovate essential community facilities. Funds will also go toward important rural services, such as education, health care and infrastructure. Vilsack said the program will be a game-changer for reducing poverty in targeted rural areas.