USDA Rural Development Area Specialist Sara Bax, on behalf of State Director Janie Dunning, celebrated homeownership by highlighting USDA’s ongoing role to help residents of America’s small towns and cities purchase homes in rural areas.
Bax presented certificates to Lucinda Manolias, homeowner, and Cheryl Ames, of ReMax of Sedalia, as acknowledgement of Manolias’ success at achieving the dream of homeownership and Ames’ partnership in assisting the dream to come true.
Homeownership provides a strong foundation to help build household wealth, start a business or fund education through home equity. Since the creation of USDA’s single-family housing programs in 1949, USDA has helped more than 3 million rural residents access the American dream of homeownership.
“Offering opportunities to own a home is crucial to carrying out the mission of Rural Development to improve the quality of life for all rural Americans,” Dunning said. “Having adequate housing is a fundamental need. Affordable, decent and safe housing availability is a necessity for the community and economic health of rural areas.”
Since 2009, USDA invested more than $117 billion to support rural homeownership. In 2014 alone, USDA invested more than $19.9 billion to help nearly 140,000 rural families buy and maintain homes. Missouri’s homeownership investment was $600,644,253 in Fiscal Year 2014. Over 5,800 Missouri families and individuals were assisted in acquiring, protecting or retaining homes.
Listed below are Rural Development programs that support rural homeownership:
• Direct home loans for low- and very-low-income applicants. Payment assistance is provided that can lower the loan interest rate to as low as one percent.
• Loan guarantees for moderate-income families. The agency works 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 such as poor wiring or plumbing.
• To learn more about USDA’s observance of National Homeownership Month, please visit our Facebook page.
Release courtesy of USDA