NASHVILLE, Tenn., June 3, 2024 – As part of National Homeownership Month, U.S. Department of Agriculture (USDA) Secretary Tom Vilsack today announced USDA is celebrating 75 years of helping millions of people buy, repair and build affordable homes in rural and Tribal communities.
“For decades, USDA has served as a safety net for hardworking Americans who dream of owning a home but face challenges to doing so,” Secretary Vilsack said. “Now more than ever, people across the nation need access to safe, decent and affordable housing, especially in rural and Tribal communities. The Biden-Harris Administration remains committed to ensuring all Americans have affordable places to live. Therefore, USDA is redoubling its efforts to equip potential homebuyers with resources and information they need to be ready to take full advantage of our critical programs as funding is available.”
This month, the Department is highlighting the ways USDA Rural Development homeownership programs have historically given people in rural Tennessee the opportunity to build wealth and equity, and a foundation for a brighter future for themselves and their families:
· Since Fiscal Year (FY) 2021, RD Tennessee’s Single Family Housing Programs has invested more than $2.2 billion to help families and individuals achieve the dream of homeownership.
· Through the Single Family Home Repair Loan and Grant Program, Tennessee has invested more than $5.6 million to help individuals and families improve the quality of their homes.
· And, RD Tennessee’s Mutual Self-Help Housing Technical Assistance Grant Program has invested $730,000 to help families purchase and repair and/or rehab their homes.
The Biden-Harris Administration has invested more than $43 billion to help nearly 266,000 families and individuals in rural and Tribal communities buy, repair and build homes through Rural Development’s Single-Family Housing programs.
USDA is also highlighting resources to help potential homebuyers prepare for buying a home and to be ready to apply for USDA programs once funding becomes available.
For instance, individuals can learn more about homeownership readiness through the Consumer Financial Protection Bureau’s Home Loan Toolkit. Individuals may also review program eligibility requirements through USDA's Single Family Housing Self-Assessment site.
USDA Homeownership Programs
For 75 years, USDA has made financing affordable for families who would otherwise be unable to secure a home loan. By providing low interest rates, loan guarantees, reduced down payments and construction grants, Rural Development’s Single Family Housing Programs have become a vital resource for millions of rural Americans.
These programs include:
· The Single Family Housing Direct Home Loan Program has helped qualified lower-income applicants buy homes with no money down so they can build wealth and equity.
· The Single Family Home Repair Loan and Grant Program has helped families and individuals repair and modernize homes, and make them safer, healthier places to live.
· The Mutual Self-Help Housing Grant Program has worked with nearly 250 organizations to help families and individuals lower the cost to purchasing a home by participating in its construction.
· The Single Family Housing Guaranteed Loan Program enables USDA to partner with private lending institutions, backing their loans to help families and individuals buy homes in rural areas.
USDA Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural, tribal and high-poverty areas. Visit the Rural Data Gateway to learn how and where these investments are impacting rural America. To learn more, visit www.usda.gov. To subscribe to USDA Rural Development updates, visit the GovDelivery Subscriber Page.
USDA touches the lives of all Americans each day in so many positive ways. Under the Biden-Harris Administration, USDA is transforming America’s food system with a greater focus on more resilient local and regional food production, fairer markets for all producers, ensuring access to safe, healthy and nutritious food in all communities, building new markets and streams of income for farmers and producers using climate-smart food and forestry practices, making historic investments in infrastructure and clean energy capabilities in rural America, and committing to equity across the Department by removing systemic barriers and building a workforce more representative of America. To learn more, visit www.usda.gov.
To subscribe to USDA Rural Development updates, visit GovDelivery subscriber page.
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