Rural Housing Funding Restored
Rural Americans rely on programs like the 502 single family housing program to provide them with services that can be difficult to come by in some communities. In July, Congress authorized additional credit authority and premium changes to this program to restore its availability to needy homebuyers. President Obama signed that bill into law on July 29, 2010.
NAR has been working on restoring funding since March. Although the legislation increases the guarantee fee for borrowers, the fee can still be financed. This change will make the program completely self-sufficient. The legislation also increases the Rural Housing Service (RHS) commitment authority allowing guaranteed loans. Previously RHS had been providing conditional commitments. NAR continues to work with Congress and the Department of Agriculture to ensure the program is restored promptly.
Latest News
08/23/2010 - USDA Releases Single Family Housing Guaranteed Loan Program Funding Notice (PDF: 726K)
08/13/2010 - NAR Calls on USDA to Restore 502 Guarantee Program
08/13/2010 - NAR Letter to Tom Vilsack, Secretary of Agriculture, Asking Him to Restore the Section 502 Rural Housing Guaranteed Loan Program under Rural Housing Services (PDF: 93K)
07/15/2010 - NAR Letter to Senator Harry Reid (D-NV), Senate Majority Leader, Urging the Senate to Quickly Consider the Stand-Alone Measure, S. 3266, the "Rural Housing Preservation and Stabilization Act of 2010" (PDF: 98K)
07/15/2010 - NAR Letter to Senator Mitch McConnell (R-KY), Senate Minority Leader, Urging the Senate to Quickly Consider the Stand-Alone Measure, S. 3266, the "Rural Housing Preservation and Stabilization Act of 2010" (PDF: 98K)
05/20/2010 - NAR Letter to Senator Harry Reid (D-NV), Senate Majority Leader, Urging Him to Approve S.3266, the "Rural Preservation and Stabilization Act of 2010" (PDF: 95K)
05/20/2010 - NAR Letter to Senator Mitch McConnell (R-KY), Senate Minority Leader, Urging Him to Approve S.3266, the "Rural Preservation and Stabilization Act of 2010" (PDF: 95K)
04/28/2010 - NAR Letter to Senator Harry Reid (D-NV), Majority Leader, Urging Him To Pass S.3266, the "Rural Housing Preservation and Stabilization Act of 2010," introduced by Senator Michael Bennet (D-CO) (PDF: 113K)
04/28/2010 - NAR Letter to Senator Mitch McConnell (R-KY), Minority Leader, Urging Him To Pass S.3266, the "Rural Housing Preservation and Stabilization Act of 2010," introduced by Senator Michael Bennet (D-CO) (PDF: 113K)
04/27/2010 - NAR Urges Fast Senate Approval of Rural Housing Bill Passed by House Today
