USDA kicks-off ‘National Homeownership Month’ offering payment moratoriums
The US Department of Agriculture kicked off National Homeownership Month — which is part of the agency’s efforts to provide access to affordable housing — by offering payment moratoriums and modified application procedures.
To assist homeowners facing current hardships, the USDA Rural Development is also working with new borrowers and their lenders to make special accommodations based on local needs and restrictions.
So far during fiscal 2021, the agency has invested $326.8 million in Puerto Rico to support 2,765 families to buying their first home, Luis R. García, USDA Rural Development acting state director confirmed.
The total breaks down into $319.4 million for loan guarantees, and $7.4 million for direct loans, he said.
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 home 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 news home by investing “sweat equity” into its construction.