The U.S. Department of Agriculture (USDA) Rural Development kicked off National Homeownership Month as part of a nationwide celebration to highlight USDA efforts to provide access to affordable housing for rural Americans, announced Jim Park, Acting Nevada State Director for USDA Rural Development.
"Achieving the dream of homeownership has become more difficult in recent years for many low-income families living in rural Nevada with the rising cost of housing and limited inventory," said Park. "USDA's housing programs give hard-working families the resources they need to make the leap into homeownership."
Over the past 10 years, Rural Development has invested $1.1 billion to help 6,266 families and individuals in rural Nevada purchase or repair their homes.
USDA Rural Development supports rural homeownership through the following programs:
- The Single Family Housing Direct Home Loan Program provides loans directly to families and individuals so they can buy or build homes in rural America. Since 2011, Rural Development has invested $52.5 million through this program to help 310 families and individuals in rural areas of the state purchase a home.
- Through its Single Family Housing Guaranteed Loan Program, USDA has partnered with more than 4,000 private lending institutions nationwide, backing their loans to help families and individuals buy homes in rural areas. In Nevada, Rural Development has invested $1 billion over the past 10 years to help 5,731 rural residents purchase a home.
- The Home Repair Loan and Grant Program provides loans and grants to help families and individuals repair and modernize homes, making them safer, healthier places to live. Rural Development has invested $274,000 in loans and $864,000 in grants since 2011 to help families and individuals in rural Nevada complete essential repairs to their homes.
- The Mutual Self-Help Housing Grant Program provides grants to qualified organizations to help them carry out local self-help housing construction projects. Through this program, USDA has worked with nearly 230 organizations nationwide to provide a unique opportunity for families and individuals to lower the overall purchase price of a new home by investing their own sweat equity into its construction.
USDA Rural Development provides loans and grants to expand economic opportunities and create jobs in rural areas. This assistance supports infrastructure improvements; business development; housing, community facilities such as schools, public safety, and health care facilities; and high-speed internet access in rural areas. Learn more at www.rd.usda.gov/nv.