The Dream of Homeownership is still well and alive
ALBUQUERQUE, N.M., June 10, 2021 – The yearly National Homeownership Month celebration continues as the U.S. Department of Agriculture (USDA) highlights its efforts to provide access to affordable housing for rural Americans.
“The phrase, ‘The American Dream of Homeownership’ is still alive and attainable even as the country is coming out of its economic downturn,” said Rural Development acting state director Eric Vigil. He added, “For the last 72 years our agency has provided mortgage loans for thousands of families choosing to live in rural America and we continue to do so today.”
In a recent interview with Stephanie Hope from USDA, Deputy Under Secretary for Rural Development Justin Maxson talked about how the agency is helping rural Americans own a home. Click here to hear interview.
Since 1949, USDA has helped 4.7 million families and individuals buy homes in rural areas. USDA Rural Development supports rural homeownership through the following programs:
- The Single Family Housing Direct Home Loan Program provides loans directly to families and individuals so they can buy or build homes in rural America. In its lifetime, this program has helped 2.2 million families and individuals purchase a home.
- Through its Single Family Housing Guaranteed Loan Program, USDA has partnered with more than 4,000 private lending institutions, backing their loans to help nearly 2 million families and individuals buy homes in rural areas since the program was created in 1991.
- The Home Repair Loan and Grant Program provides loans and grants to help families and individuals repair and modernize homes, making them safer, healthier places to live. Since it started in 1950, the program has helped nearly 434,000 families improve the quality of their homes.
- The Mutual Self-Help Housing Grant Program provides grants to qualified organizations to help them carry out local self-help housing construction projects. Through this program, USDA has worked with nearly 230 organizations to provide a unique opportunity for families and individuals to lower the overall purchase price of a new home by investing “sweat equity” into its construction.
To learn more about USDA homeownership programs, please visit the Single Family Housing program webpage or contact USDA Rural Development in New Mexico at 505-761-4950.