$130.1 Million in Rural Housing Funding Delivered By USDA
Lincoln–Nearly $130.1 million was delivered in federal fiscal year 2012 by USDA Rural Development to achieve homeownership, complete home repairs and to provide rental assistance to rural Nebraska families.
This is a record year for USDA Rural Development housing programs in Nebraska, according to State Director Maxine Moul. USDA Rural Development oversees a $760.2 million housing portfolio in Nebraska of affordable rental properties and single family home loans that have maintained low delinquency rates.
"Rural Development is proud to report that nearly $130.1 million was invested in housing. Growing our rural areas is important and with that brings the need for housing. That is why Rural Development's homeownership and rural rental housing programs are so important. It is also vital to have those programs in place for health and safety repairs," said Moul. "We look forward to Fiscal Year 2013 and helping to continue to meet the needs of rural residents."
USDA Rural Development has two loan programs that provide affordable homeownership opportunities to rural Americans: the Single Family Housing Guaranteed Loan program, and the Single Family Housing Direct Loan programSince 1979, USDA Rural Development has invested more than $1.2 billion in rural Nebraska for homeownership opportunities and repairs.
Eligibility for both housing programs is based on income, acceptable credit and repayment ability and the property must be located in rural areas with populations not exceeding 20,000.
USDA uses sound underwriting criteria to ensure borrowers are able to repay their loans. By doing so, USDA Rural Development is helping to keep people in their homes. You can visit the Agency eligibility website at http://eligibility.sc.egov.usda.gov to determine if you are within the established income limit based on the size of household and county and if the property is located within an eligible area.
Homeownership came to Marcel Picotte Sr. and his family of five in Winnebago through the program. Today, the Picottes live in a three bedroom, 1,568 square foot newly built ranch home.
The Rural Home Repair Loan and Grant program also provided $229,000 in assistance to 49 rural Nebraska homeowners for essential repairs. Judith Snider of Fairbury, Nebraska was in desperate need of a fully functioning bathroom for her home but was not able to afford the repairs on her own. USDA Rural Development provided Judith with the money she needed for a new shower, vanity, and flooring. Plumbing and electrical repairs were also completed. Having a functional bathroom allows the single mother of three children to be able to fully utilize and access the bathroom.
There is funding available for Fiscal Year 2013 and applications are being accepted.
The Multi-Family Rural Rental Housing Loan (MFH) program provides financing to develop rental housing in rural areas for persons with very-low, low and moderate incomes. Funds may also be used to construct a new facility or to rehabilitate Rural Development financed apartments or convert existing buildings into apartments. Nebraska has 226 rental complexes financed through Rural Development that provide over 3,500 affordable rental units.
To locate a rural rental housing complex nearest you visit: http://www.rurdev.usda.gov/SupportDocuments/NE%20Community%20MFH%20Projects.pdf
The Multi-Family Housing Preservation and Revitalization (MPR) program provides grants to revitalize Multi-Family Housing projects in order to extend the affordable use of these projects without displacing tenants due to increased rents.
You can locate an office by visiting: http://www.rurdev.usda.gov/NE-ContactUs.html.
For additional information on RD projects, please visit Rural Development's new interactive web map featuring program funding and success stories for fiscal years 2009-2011. The data can be found at: http://www.rurdev.usda.gov/RDSuccessStories.html.