“A part of something much greater than myself, which the future generations will benefit from,” said Alan Jealous, one of two borrowers in the Rural Development 523 Self-help program, who closed on his home loan today. Jealous, as well as another borrower, Rose Mathis, are now prepared to enter the construction phase of their homeowner journey in the coming days. This is a day both borrowers have anticipated for a long time since beginning the initial application process for a housing loan with Rural Development almost one year ago. Jealous and Mathis are the first two participants in the Self-help program at the Thunder Valley neighborhood to close their loans and move on to the actual construction phase.
Jealous said he felt that becoming a first-time homebuyer was “a bit intimidating”, but was grateful to the staff at Thunder Valley, and others, who took time to help him navigate through the process. Assistance from these individuals made his home loan process “much easier to understand.” Jealous also stated, “It is a feeling I have never experienced. It’s exciting to be a part of building my own home.” He is excited to encourage others who may consider following in his footsteps.
Thunder Valley is a Lakotan grassroots Community Development Corporation (CDC) whose mission is to build a local community in order to stimulate change on the Pine Ridge Indian Reservation. One key to mission success is empowering this planned community to create and nurture lasting change with the goal of ending the systematic poverty that is prevalent in so many communities throughout Pine Ridge. One of the catalysts for change is the promotion of home ownership, in general, and the utilization of Rural Development’s 523 Self-help program, specifically.
The 523 Self-help program is designed to help families achieve their dream of home ownership through “sweat equity” in which families work together to assist one another in home construction. A Construction Supervisor will work alongside the families to instruct the families in safe and correct construction practices. Ultimately, working as a team provides the benefit of making homes more affordable. Families will rely on the Thunder Valley Mutual Self-help construction team for assistance, expertise, and guidance as they progress through construction toward fully realizing their dream of home ownership.
For additional information on our programs or to set up an appointment, please contact the Rapid City USDA Rural Development office at (605) 342-0301 extension 4.
USDA Rural Development has eight other offices in the state that assist rural communities. Office locations include a state office in Huron, along with area offices in Aberdeen, Mitchell, Pierre, Rapid City, Sioux Falls, Watertown, and Yankton.
The Rural Development Section 502 Direct Program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance helps borrowers finance their homes with interest rates as low as 1%. Borrowers could potentially pay approximately $600 a month for a house payment which, in many cases, is less than a monthly rent payment.
Since 2009, USDA Rural Development (@USDARD ) has invested nearly $13 billion to start or expand nearly 112,000 rural businesses; and invested $38.2 billion in 1,057 electric projects that have financed more than 198,000 miles of transmission and distribution lines serving 4.6 million rural residents. USDA also helped 1.1 million rural residents buy homes; funded nearly 9,200 community facilities such as schools, public safety and health care facilities; and helped bring high-speed Internet access to nearly 6 million rural residents and businesses. For more information, visit www.usda.gov/results.