News Release

Contact: Taylor Oldroyd, (202) 720-1019
toldroyd@rdmail.rural.usda.gov

USDA TO CELEBRATE HOMEOWNERSHIP MONTH WITH LOCAL EVENTS

     WASHINGTON, May 31, 2002--The U.S. Department of Agriculture today announced June as National Homeownership Month. Events are being scheduled in rural communities throughout the country. During the first week of the month-long celebration, USDA Rural Development has scheduled 61 local events in 26 states.

     "I am happy to share with America how Rural Development helps communities strengthen their neighborhoods through homeownership. This month-long celebration is a great time to highlight the benefits of homeownership," said Deputy Under Secretary for Rural Development Mike Neruda.

     The housing programs that are a part of the Rural Housing Service (RHS) began with the Housing Act of 1949. The Act sought to make homeownership available to families in rural areas. While serving only farm owners until 1961, the program is now available to any low-income rural resident who qualifies.

     So far in Fiscal Year 2002, nearly 8,000 households have obtained direct loans to buy or build their own homes. Another 16,500 have obtained loans with RHS guarantees. More than 7,200 have benefited from one-percent interest loans or grants to repair or improve their homes. In Fiscal Year 2001, more than 57,000 families received assistance of nearly $3.5 billion through these programs to obtain or improve their homes in rural America.

     A part of USDA Rural Development, RHS also administers a loan and grant program to help lower income families make necessary repairs or improvements to their homes. In 1990, a homeownership loan guarantee was introduced to assist those with slightly higher incomes to obtain no-down payment loans from private lenders. The agency's Mutual Self-Help Housing program enables families to build their own homes by providing technical assistance grants to groups to manage the equity-building projects.

     USDA Rural Development employees across the nation will join in special activities to mark Homeownership Month. Washington, D.C. employees will roll up their sleeves to join the building efforts at Self-Help projects near Martinsburg, West Virginia and Milford, Delaware.

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