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medium family income in Cheeks Township based on the salary <br /> survey conducted by the County exceeds the minimum income level <br /> that triggers eligibility. for Farmers Home grant funding. The <br /> original grant amount ($598,300) is not in jeopardy but the <br /> County is not eligible for any additional grant funding. The <br /> project would be eligible for additional Farmers Home loan <br /> participation provided that financial resources are available to <br /> • offset the additional debt service payment required. Any <br /> additional Farmers Home loan would be at the prevailing market <br /> interest rate (presently 9.5%) . Other possible sources of grant <br /> funding have been explored and discussed but no promising sources <br /> have been identified. <br /> The prospect of additional grant funding during the next <br /> fiscal year was also discussed with the Farmers Home <br /> Administration. Based on their assessment of the prevailing <br /> attitude and anticipated federal funding, it appears that Farmers <br /> Home participation (both grant and loan) could be substantially <br /> reduced in the upcoming fiscal year. It is no secret that the <br /> current Administration is attempting to reduce the Federal budget <br /> deficit by substantially cutting certain existing Federal <br /> programs, including the Farmers Home Administration. We believe <br /> the possibility of additional Farmers Home Administration grant <br /> participation in this project during the next fical year and the <br /> foreseeable future is extremely remote. <br /> 11 <br />