FairPoint Gets $37.4 Million for Rural Broadband

FairPoint Communications (NASDAQ:FRP) has accepted $37.4 million in annual support from Phase II of the FCC's Connect America Fund (CAF). By accepting the funds, the company is committing to construct and operate network infrastructure and offer broadband service speeds of at least 10 Mbps downstream and 1 Mbps upstream to approximately 105,000 unserved and underserved areas in 14 states. The support program and the FairPoint commitment run over six years.