Thousands of Rural Home Buyers Aided by Passage of Housing Funding Measure
Washington,
July 28, 2010
The restoration of the single-family rural housing program that
would guarantee home loans for rural buyers was passed by the Senate
today and is on its way to President Obama.
The National Association of Realtors® has vigorously lobbied to
restore funding for the rural program since last March, and hailed this
development as a great victory for rural home buyers.
“This is going to be a great lift for thousands of rural home buyers
who need to close on their home purchases before Sept. 30 to take
advantage of the home buyer tax credit,” said NAR President Vicki Cox
Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “Many
rural families would have been left out in the cold without these
guaranteed loans. Increasing the commitment authority will help rural
families, support local housing markets, create jobs and generate new
tax revenues,” Golder said.
“The rural housing program is a good example of the kind of program
needed for responsible and qualified home buyers who bring common sense
to the housing market,” said Golder. The legislation increases the
guarantee fee for borrowers, but allows the fee to be financed. “This
change will make the program completely self-sufficient,” she said.
Golder thanked Sen. Michael Bennet (D-Colo.), and Reps. Paul
Kanjorski (D-Pa.) and Shelley Moore Capito (R-W.Va.) for moving the bill
to passage in both houses.
The legislation was part of H.R. 4899, “The Emergency Supplemental
Appropriations Act” that the Senate passed today. The measure increases
the Rural Housing Service commitment authority allowing guaranteed
loans; previously, RHS has been providing conditional commitments. The
RHS is expected to announce new guidelines shortly after the president
signs the bill.
The National Association of Realtors®, “The Voice for Real Estate,”
is America’s largest trade association, representing 1.1 million members
involved in all aspects of the residential and commercial real estate
industries.
Resource: The National Association of Realtors®
http://tourthenewrealtor.com/press_room/news_releases/2010/07/rural_funding?tourthenewrealtor