Rural Housing Funding
Rural Americans rely on programs like the 502 Rural Housing Guaranteed Loan Program to provide them with services that can be difficult to come by in some communities. While the program ran out of funding earlier this year Congress subsequently authorized additional credit authority and premium changes to this program to restore its availability to needy homebuyers. Although the legislation increases the guarantee fee for borrowers, the fee can still be financed. This change makes 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. For a brief time after the legislation was enacted, RHS restored the program. However, RHS halted the program at the end of the 2010 fiscal year despite a continuing resolution signed by the President on September 30, 2010, that continued funding federal programs, including the 502 Rural Housing Guaranteed Loan Program. NAR has been working on restoring funding since March.
Latest News
03/03/2011 - Annual Fee and Decreased Upfront Fee Effective October 1, 2011
02/14/2011 - Joint Letter to Rep. Timothy V. Johnson (R-IL)on the Numerous Definitions of "Rural" as Used for Government Programs (PDF: 42K)
01/28/2011 - Rural Housing Single Family Guaranteed Loan Program Funds Now Available
10/13/2010 - 10/13/2010 - NAR Letter to the U.S. Department of Agriculture Urging the Rural Housing Service to Immediately Restore the Section 502 Rural Housing Guaranteed Loan Program (PDF: 93K)
09/08/2010 - USDA Restores the Section 502 Rural Housing Guaranteed Loan Program Effective Today (PDF: 199K)
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
