Posts tagged: Housing
Boardman, Oregon, is a port town of just over 3,000 on the banks of the Columbia River surrounded by productive farm lands. These resources have helped the community generate above-average economic growth through its agricultural, food processing, manufacturing, and shipping sectors. As these industries have grown, however, a significant shortage of affordable workforce housing has made finding and keeping skilled employees difficult and hinders further economic development in this promising community.
In order to secure affordable housing, many who work in Boardman have had to endure long commutes from outlying towns or settle for homes that simply did not meet their families’ needs. Martin Paredes, Olgalibia Rosales Rivera, and their four children are one such family. Due to a lack of rental options in the community, the family was living in a two-bedroom apartment in a part of town that offered few family-friendly amenities and services. Read more »
After years of paying rent while wishing he could purchase his own home, 29-year-old Adam Brautigan was finally able to do so with the help of USDA Rural Development. Adam found out about Rural Development’s home loan program from his mother, Mary Kay, who works as a realtor in Pine City, Minnesota.
Adam works at a local retail store, and his wages restricted the amount of money available to put toward a house payment. Read more »
The American Recovery and Reinvestment Act of 2009 enabled USDA Rural Development to help more than 80,000 families in rural communities secure safe, decent, affordable homes. In the depths of the recession in early 2009, new home construction and private sector mortgage lending virtually ground to a halt in rural America.
By more than doubling the number of families served during a difficult economic time, Rural Development’s Single Family Housing Guaranteed program played a critical role in resuscitating the rural housing market. All along, we continued to adhere to strong underwriting standards and strict lender oversight, and implemented a number of additional quality control procedures. A preliminary Inspector General Report led to an article in the January 14, 2011 New York Times, which raised various questions.
We have great confidence in the soundness of our guaranteed portfolio, and see no indication that loans made under the Recovery Act will have any significant negative impact on the continued strength of our portfolio. We wanted to take this opportunity to provide our perspective on some of the claims made in the article, and we have done so here.
The Yorgey family was tired of moving from place to place and watching their money constantly going towards rent payments. They wanted to be able to have a permanent place of their own for their growing family to live. But, the idea of that actually coming true seemed like a distant dream. Thanks to a new USDA Rural Development and Southeast Wisconsin Housing Corporation (SEWHC) partnership program, their dream has now become a reality. Read more »