USDA promotes homeownership among Puerto Rico families, individuals
June 3, 2022
The 30-year fixed mortgage interest rate was at 5.52% in June compared to 5.23% in May and 3.45% in January of the current year. (Credit: Tero Vesalainen | Dreamstime.com)
As the US Department of Agriculture kicks off “National Homeownership Month,” the agency’s Rural Development Administration confirmed it invested nearly $470 million to assist 3,970 families and individuals obtain or repair their homes in Fiscal 2021.
Luis R. García, acting state director of USDA Rural Development in Puerto Rico, said the agency is hosting events across the island to showcase affordable housing programs for lender, community partners, families, and individuals as part of this year’s activities.
Aside from promoting homeownership, the agency also works to increase access to affordable multifamily rental housing opportunities in rural areas.
USDA’s single-family housing programs are:
- The Single Family Housing Direct Home Loan program that provides loans directly to families and individuals so they can buy or build homes in rural America.
- The Single Family Housing Guaranteed Loan program, which enables USDA to partner with private lending institutions, backing their loans to help families and individuals buy homes in rural areas.
- The Home Repair Loan and Grant program that provides loans and grants to help families and individuals repair their homes to make them safer, healthier places to live, and,
- The Mutual Self-Help Housing Grant program, which provides grants to qualified organizations to help them carry out local self-help housing construction projects.
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This story was written by our staff based on a press release.
