Prairie Development Corporation
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128 Colorado Avenue Stratton CO 80836 USA
The organization's primary function is to make loans to businesses that will create jobs for low-moderate income persons within the four counties of kit carson, lincoln, cheyenne and elbert. The organization also serves as the primary housing development agency for the four county area.
Economic development programs - guaranteed and direct loans up to $150,000 to businesses creating an average of one new job for a low-moderate income person for every $12,000 of prairie development corporation funds loaned. Prairie development corporation is not a primary lender and all loans are made in partnership with banks and/or other financial institutions in the local area. In addition, prairie development corporation is involved with the marketing of tourism to the region to bring dollars to the communities and to help support job stability. In 2014, prairie development corporation made 8 drought impacted business loans, 2 argi-business entrepreneur loans and 1 business revolved loan for a total of 11 loans.
community housing programs - low or no interest loans to low-moderate income persons for rehabilitation of owner occupied housing. Prairie development corporation also has an emergency home repair loan program and down payment assistance loan program for first time homebuyers meeting low-moderate income guidelines. Prairie development corporation also purchases vacant single family homes in need of rehabilitation, making needed repairs and reselling them to first time homebuyers. In 2014:- 7 new loans were made (4 for emergency repair, 2 for down payment assistance and 1 for rehabilitation); had these loans not been made families would have been displaced without housing.
office and apartment rental - prairie development leases apartments to two low-moderate income families and sublets office space to the east central council of governments and the home agency (insurance company). Pdc had an open cdbg loan contract that expired january 31, 2014. A new contract for a two year time period was issued on august 8, 2014; the contract was for $300,000 in loans and $55,000 in administration.
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