Acting Assistant to the Secretary for Rural Development Joel Baxley kicked off National Homeownership Month by highlighting USDA’s ongoing role to help residents of America’s small towns and cities purchase homes in rural areas.
“Homeownership provides a strong foundation for hard-working people to build household wealth and climb the ladder of prosperity,” Baxley said. “By helping rural Americans achieve the dream of homeownership, USDA is supporting benefits that extend far beyond the home, resulting in stronger, more prosperous rural communities.”
USDA Rural Development in Indiana held a homeownership ceremonial event on Thursday, June 20, 2019. State Director Michael Dora, along with local USDA representatives presented a flower basket at a newly constructed home located on West Point Dr., Warsaw, Ind. Homeowner Melissa Huhn was also presented with a plaque. Melissa and her family have been living in this newly constructed home for the last 2 months. She utilized the USDA Direct Single-Family Housing Program to have this home built for her and her family.
USDA Single Family Housing programs have served more than 4.4 million families in rural America since President Truman signed the Housing Act in 1949. Throughout June, USDA employees will celebrate National Homeownership Month with events across the Nation that demonstrate USDA’s commitment to provide access to affordable housing for rural Americans.
Rural Development has several programs in Indiana that support rural homeownership, including:
USDA partnerships with private-sector lenders to help rural families buy homes. Providing loan guarantees for lenders working with low- to moderate-income families is the key to opening up private-sector homeownership opportunities.
Direct home loans for very-low- and low-income applicants. Some borrowers qualify for program benefits that effectively reduce the interest rate on their monthly mortgage payments to one percent.
Repair loans and grants that help people improve access to their homes and remove health and safety hazards such as poor wiring or plumbing.
Mutual Self-Help Housing Technical Assistance grants are available to nonprofit organizations to help very-low- and low-income families build their own rural homes.
In FY18, USDA’s Rural Home Loan Program in Indiana invested nearly $633.8 million in home loans for 5,493 Indiana families to buy a home of their own and provided $1.1 million in home repair funds to 199 very low-income residents. Of the loan funds, $598.1 million was in the form of loan guarantees to private lenders to support mortgage activity in rural areas.
To learn more about USDA’s home ownership and owner-occupied repair programs contact the Knox USDA office at 574-772-3066, extension 4.
USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas. With a portfolio of $225 billion, this agency's assistance supports infrastructure improvements; business development; homeownership; community services such as schools, public safety and health care; and high-speed internet access in rural areas. For more information, visit USDA Rural Development Indiana website.