Agriculture Secretary Tom Vilsack recently kicked off National Homeownership Month and highlighted the important role housing plays in creating jobs, maintaining viable rural communities and contributing to the economy. Since the start of the current fiscal year, which began last October 1, USDA Rural Development has financed approximately 80,000 home loans for rural residents. In Missouri, during the last fiscal year, 6,200 individuals and/or families benefited with financing from USDA Rural Development to reach the American dream of homeownership!
Housing drives rural economies and supports healthy rural communities,” Vilsack said. “About 50 million Americans call rural areas home, and safe, sanitary housing is a basic human need in rural America. USDA Rural Development’s housing programs do more than provide a place for families to live. They stimulate economic activity through single-family home construction, rental assistance for those who need it, and funding for eligible very-low-income homeowners to enable them to keep their dwellings in good repair.”
Vilsack said this year’s Homeownership Month theme is “Rural Housing/Rural Jobs.” Communities across the nation are holding events and activities during June to highlight USDA Rural Development’s role in providing homeownership opportunities for rural residents. USDA officials will discuss the benefits of homeownership and share information on ways families can become homeowners.
The economic impact of housing development goes far beyond home sales and construction. According to the National Association of Realtors (NAR), the sale of an existing median-priced home ($173,000 in 2010) generates $58,529 in economic activity. This includes $15,570 in direct real estate industry support (fees for real estate agents, title companies, mortgage brokers); $5,235 in furniture, home furnishings, landscaping, etc.; and $9,987 in stimulated economic activity. New home sales generate even more economic activity, including the costs of construction materials and construction jobs, according to NAR.
“Rural Housing/Rural Jobs” theme, priority is being given this year with the 502 Direct Loan program. The program provides subsidies to make mortgage payments more affordable to help low to moderate income rural Americans who have been unable to obtain conventional mortgage credit to share in the American dream. The loans require no down payment and feature monthly installments reduced to in line with their ability to pay. The goal is to help families, especially first-time buyers, become established in their homes and communities. USDA Rural Development is available to help reach the American dream of homeownership!
USDA Rural Development’s mission is to increase economic opportunity and improve the quality of life for rural residents. Rural Development fosters growth in homeownership, finances business development, and supports the creation of critical community and technology infrastructure. Anyone interested in obtaining information regarding the Rural Development rural housing programs or any other assistance available through USDA Rural Development may visit the homepage at http://www.rurdev.usda.gov/mo/ or can contact Brooke A McKinnon, Rural Development Specialist, or Wade Sterling, Area Technician, at the Maryville Sub Area Office of USDA Rural Development at 502 W South Hills Dr., Maryville, Missouri 64468 or by calling 660-582-7421 Ext. 4.