Albuquerque, NM, Oct 27, 2010 -- USDA Rural Development State Director Terry Brunner presented a certificate of obligation in the amount of $65,614 to Tierra del Sol Housing Corporation (TDS) to help pay for the remodeling of five aging homes in the Coloñias near Las Cruces.
USDA Rural Development’s Housing Program administers the Housing Preservation Grant (HPG) program which provides financing to organizations such as TDS for the repair or rehabilitation of low and very low-income housing.
The five homes being renovated by TDS are all in need of major repairs. USDA Rural Development State Director, Terry Brunner, visited a home owned by Ms. Juanita Garces in Anthony, New Mexico that is one of the homes that will be renovated with USDA HPG funds. Currently the house needs a new electrical system roof, windows and the repair of the concrete sidewalks.
During the tour of the house Brunner said, “We are proud to help homeowners like Ms. Garces make needed repairs to her roof and her electrical system so she can stay in the home and community she loves.” Brunner added, “USDA is pleased to team up again with Tierra del Sol on another worthwhile project that helps homeowners in Dona Ana County.”
The HPG funds allocated to fix Ms. Garces’ home is being leveraged with money from the Mortgage Finance Authority (MFA).
The funding from the Housing Preservation Grant (HPG) program is very competitive and is only made available in areas where there is a concentration of need. Those assisted must own very low or low-income housing, either as homeowners, landlords, or members of a cooperative. Very low income is defined as anyone having an income below 50 percent of the area median income (AMI). Low income is defined as a person having an income between 50 and 80 percent of AMI. Eligible sponsors include state agencies, units of local government, Native American tribes, and nonprofit organizations.
USDA Rural Development’s mission is to increase economic opportunity and improve the quality of life for rural residents. Rural Development fosters growth in homeownership, finances business development, and supports the creation of critical community and technology infrastructure. Further information on rural programs is available at any local USDA Rural Development office or by visiting USDA Rural Development’s web site at http://www.rurdev.usda.gov