While the past couple years have been a financial challenge for many Americans, the goal of achieving the American Dream of homeownership remains strong. This is especially true in Iowa where USDA Rural Development has been very involved in making homeownership a reality for thousands of rural families. Thanks to additional funds made available through the American Recovery and Reinvestment Act, a record 2,400 families in rural Iowa received $233.2 million in mortgage assistance from USDA Rural Development in 2010. 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.
On February 17, 2009 President Obama signed into law the American Recovery and Reinvestment Act. As a result of this Act, two Broadband groundbreaking ceremonies were held in Louisiana during the month of October.
Louisiana Senator Mary Landrieu and USDA Rural Development State Director Clarence W. Hawkins along with staff members were on hand for the announcement of two major broadband projects in Washington and Morehouse Parish. “By bringing this technology to underserved areas of the state, we will better equip our students with the necessary tools needed for a better quality education,” said Hawkins. Read more »
The American Recovery and Reinvestment Act has had a profound impact on the American people. Investments were made to create and save jobs, spurring economic activity and long-term growth. As a result, communities and families had access to resources to help lay a stronger foundation for the future of our country. In fact, through USDA’s Single Family Housing Guaranteed Program, over 80,000 American families were able to purchase or maintain a home. Read more »