Dinuba, CA, Jun 29, 2011 --
USDA Rural Development today celebrated National Homeownership Month at the Las Casas at Viscaya subdivision by highlighting the important role housing plays in creating jobs, maintaining viable rural communities and contributing to the economy. Since the start of the current fiscal year, which began last October 1, USDA Rural Development has financed approximately 2,600 home loans for rural Californians.
"Expanding and preserving homeownership is a key part of the foundation for stronger, more prosperous rural communities," said Bob Anderson, Single Family Housing Program Director for USDA Rural Development. "Today we are celebrating our partners in this mission; the lender who originated the affordable home loans, the builder who developed the energy efficient homes, and the families who have made the commitment of homeownership."
This year's Homeownership Month theme is "Rural Housing, Rural Jobs." The economic impact of housing development goes far beyond home sales and construction. According to the National Association of Realtors (NAR), the sale of an existing median-priced home ($173,000 in 2010) generates $58,529 in economic activity. This includes $15,570 in direct real estate industry support (fees for real estate agents, title companies, mortgage brokers); $5,235 in furniture, home furnishings, landscaping, etc.; and $9,987 in stimulated economic activity. New home sales generate even more economic activity, including the costs of construction materials and construction jobs, according to NAR.
USDA Rural Development has guaranteed 62 loans in the subdivision since February, 2010. Each loan was originated by Country Club Mortgage through USDA's Guaranteed Rural Housing Loan program. Behind every one of the housing loans made is a powerful individual story. For example, David and Dulce Meave bought a home in Las Casas at Viscaya for their family of six last spring. The Meave's had been renting a home, and were surprised to learn about USDA's program that could help them achieve the dream of homeownership. Even more surprising to them was the many energy efficient features of their new home which have helped them to save on monthly bills.
USDA, through its Rural Development mission area, administers and manages housing, business and community infrastructure and facility programs through a national network of state and local offices. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America. Rural Development has an existing portfolio of more than $150 billion in loans and loan guarantees. Visit http://www.rurdev.usda.gov for additional information about the agency's programs or to locate the USDA Rural Development office nearest you.
USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write: USDA, Director, Office of Civil Rights, 1400 Independence Avenue, SW, Washington, DC 20250-9410 or call (800) 795-3272(voice), or (202) 720-6382 (TDD).