BISMARCK, ND, Apr 25, 2013 -- Speaking at the Williston Chamber of Commerce’s Leadership event today, Jasper Schneider, USDA Rural Development state director, announced that the USDA home loan limit in all North Dakota counties will increase from $179,000 to $240,000.
“The announcement today reflects the realities of North Dakota’s booming economy and the high valuations of homes,” Schneider said. “Senator Heitkamp’s recent housing meetings underscored the need for more solutions and flexibility in federal financing programs.”
To determine the appropriate area loan limit, a market analysis was conducted of statewide residential property sales. The analysis included gathering data from realtors, lenders, contractors and city leaders. The new limits of $240,000 will provide uniformity and address the cost barrier to construct affordable housing due to rising material costs and labor wages. The new limits will be effective May 1 and were last raised in 2010.
In fiscal year 2012, USDA 502 housing program provided more than $61 million in financing for more than 500 North Dakota homes. For more information on USDA’s housing programs, please call (701) 530-2037 or visit www.rurdev.usda.gov/nd.