Mr. and Mrs. Gillette had rented a home for some time and decided it was time to own a home of their own. They contacted USDA Rural Development to apply for a home loan and were approved for a Rural Development 502 Direct Loan. In May they, along with their five children, were able to close on their loan and move into their home.
Every June, USDA Rural Development celebrates National Homeownership Month to bring attention to the role housing plays in the U.S. economy. This year’s theme, “Own Your Future. Own Your Home,” celebrates the rural families who are working their way into the American dream by investing in a home of their own.
USDA Rural Development programs that support rural homeownership include:
· Direct home loans for very-low-income applicants. Payment assistance is provided that can lower the loan’s interest rate to as low as one percent.
· Guaranteed home loans for moderate-income families. The agency works in partnership with private-sector lenders to back the lenders’ loans.
· Home repair loans and grants to help rural homeowners make improvements or repairs. Examples include making homes accessible for people with disabilities or removing health and safety hazards like poor wiring or plumbing.
The Obama Administration housing's policies are helping to strengthen rural communities and the overall rural economy. In 2013 alone, USDA helped more than 170,000 rural residents become homeowners, investing more than $23.4 billion in loans, grants and technical assistance to provide affordable, safe housing for rural families. In both people served and dollars, 2013 was the most successful year in the history of USDA single-family housing programs.
In Fiscal Year 2013, Missouri Rural Development staff, through the 502 Guaranteed and Direct Loan Programs and the 504 Loan and Grant Program, assisted 6,418 households construct, purchase or repair houses resulting in a return of tax dollars to the state in the amount of $673,262,099. To date in Fiscal Year 2014, Missouri Rural Development staff has assisted 3,337 households with investment of $341,883,548.
Further information on these housing programs or other Rural Development programs is available by visiting USDA Rural Development’s web site at http://www.rurdev.usda.gov/mo or by contacting Melody Roach, Area Specialist, Butler Rural Development office, 625 W. Nursery Box A, Butler, Missouri 64730; by phone at (660) 679-6114, Ext. 4; or by email at melody.roach@mo.usda.gov .
President Obama's plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President's leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America's economy, small towns and rural communities.
USDA's investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Vilsack are committed to a smarter use of federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.
For other examples of USDA investments in rural communities, please visit Rural Development's interactive web map at http://www.rurdev.usda.gov/RDSuccessStories.html. The map features program funding and success stories for fiscal years 2009-2012.
USDA is an equal opportunity provider and employer. To file a complaint of discrimination, write: USDA, Office of the Assistant Secretary for Civil Rights, Office of Adjudication, 1400 Independence Ave., SW, Washington, DC 20250-9410 or call (866) 632-9992 (Toll-free Customer Service), (800) 877-8339 (Local or Federal relay), (866) 377-8642 (Relay voice users).
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