Champaign, IL, Jun 03, 2013 -- Rural Development
2118 W. Park Court, Suite A
Champaign, IL 61821
Contact: Molly Hammond (217) 403-6203
Homeownership Month: Bringing Rural Illinois Home
Champaign, Ill., June 3, 2013—June is National Homeownership Month, and USDA Rural Development is ramping up its effort to inform potential homebuyers with limited incomes about their affordable housing programs. In many cases, USDA housing programs are the only opportunity for rural residents to buy a home – their piece of the American dream. That dream remains the cornerstone for millions of U.S. families.
“Homeownership can play an important role in the quality of life in rural communities,” said Colleen Callahan, Illinois Director for USDA Rural Development. “Not only is homeownership the key to the American Dream, it is a key factor in creating jobs, maintaining viable rural communities and contributing to the economy.”
USDA, its federal partners, members of the housing community and citizens across the country celebrate National Homeownership Month each year to bring attention to the role housing plays in the U.S. economy. This year’s theme, “USDA: Bringing Rural America Home,” underscores housing’s importance to halting the out-migration of rural residents.
“We frequently partner with community action agencies and other non-profit organizations to make sure homebuyers with limited income have access to all the resources they need to become successful homeowners,” Callahan said. “The people we invest in become more invested in their communities and help to ensure that rural towns are attractive places to live, work and raise a family.”
Rural Development offers affordable direct home loans for homebuyers with limited income. The loans can be used to purchase or build homes in rural communities and do not require a down payment or monthly mortgage insurance. These loans offer subsidized interest rates and up to a 38 year term. Maximum loan and income limits apply for direct loans and vary by county. Home repair loans may be available to very low income homeowners at one percent interest for up to 20 years. These funds may be used to make home repairs, install essential features or remove health and safety hazards.
Rural Development also offers loan guarantees for homebuyers with moderate income who lack adequate funding for down payments. As part of a pilot program available in some states, existing Rural Development homeowners in Illinois may also be eligible to refinance their home loans at today’s low interest rates.
Find a list of Rural Development offices and more information on all of Rural Development’s programs, including those which assist homeowners and homebuyers online at www.rurdev.usda.gov/il.
USDA, through its Rural Development mission area, has a portfolio of programs designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.
USDA has made a concerted effort to deliver results for the American people, even as USDA implements sequestration – the across-the-board budget reductions mandated under terms of the Budget Control Act. USDA has already undertaken historic efforts since 2009 to save more than $828 million in taxpayer funds through targeted, common-sense budget reductions. These reductions have put USDA in a better position to carry out its mission, while implementing sequester budget reductions in a fair manner that causes as little disruption as possible.
USDA is an equal opportunity provider and employer. To file a complaint of discrimination, write: USDA, Office of the Assistant Secretary for Civil Rights, Office of Adjudication, 1400 Independence Ave., SW, Washington, DC 20250-9410 or call (866) 632-9992 (Toll-free Customer Service), (800) 877-8339 (Local or Federal relay), (866) 377-8642 (Relay voice users).