USDA invests $ 542 million in housing for low-income rural Oregon residents in 2020
PORTLAND, Ore. (KTVZ) – The U.S. Department of Agriculture and Rural Development on Monday announced it has invested a record $ 542.6 million this year to help more than 2,225 people in low-income rural areas of the ‘Oregon to buy, build or repair their homes.
“The rising cost of housing and limited inventory has made homeownership inaccessible for many low-income families living in rural Oregon communities,” said John Huffman, state manager. “USDA housing programs give hard-working families the support they need to make the leap to homeownership.
Via USDA Guaranteed Loan Program for Single-Family Housing, Rural Development helped 2,074 low-income rural Oregon residents buy a home. By securing private sector mortgages, the USDA helps reduce the risk for private lenders so they can make additional financing available to low-income families.
the Direct loan program for single-family housing Made homeownership accessible to 117 rural residents who did not qualify for traditional bank loans by investing $ 28.9 million in loans with low interest rates and no down payment.
Through the Single-family home repair program, Rural Development invested $ 295,000 in 30 low-interest loans for very low-income rural homeowners and $ 192,600 in 28 grants for low-income seniors to enable them to carry out essential repairs to their homes. their home that they couldn’t otherwise afford.
This funding was provided in the 2020 federal fiscal year, which ended September 30. All recipients of USDA Homeownership Funding must personally occupy the unit as their primary residence and meet income eligibility criteria. Applications for these programs are accepted year round.
These investments represent the highest level of USDA homeownership funding in Oregon in the past decade. Over the past 10 years, Rural Development has invested a total of $ 4.9 billion to help low-income rural Oregon residents purchase safe and affordable homes or mitigate health risks and security so that they can stay at home. These investments help families build capital and improve their long-term financial prospects.
USDA Rural Development provides loans and grants to expand economic opportunities and create jobs in rural areas. This aid supports the improvement of infrastructure; Business development; housing, community facilities such as schools, public safety and health care facilities; and high-speed Internet access in rural areas. Learn more about www.rd.usda.gov/ou.