Ample funding still available locally
COLUMBUS — Ohio Rural Development State Director David L. Hall this week recognized the success of the agency’s rural housing programs in commemoration of National Homeownership Month and the U.S. Department of Agriculture’s longstanding commitment to promoting safe, modest housing,
“Particularly in times of uncertainty, ‘home’ means so much more than just ‘shelter,’” Hall said. “Home is a place to raise our families and put a stake in the ground, and it’s deeply connected to the rural way of life. Although they work hard all year long, this month in particular, we honor the efforts of our Housing Programs team, lenders, and real estate partners. Together, we renew our pledge to making safe, modest, affordable housing a priority in Ohio’s rural communities.”
Ample funding is still available in the USDA Single Family Housing programs listed in Logan, Allen, Auglaize, Mercer, Van Wert, Union, Shelby and Hardin counties. Potential applicants may learn more about these programs by contacting USDA Rural Development at (419) 422-0242, ext. 4.
• Single Family Housing Direct Home Loan Program — USDA acts as the lender. Some borrowers may qualify for additional program benefits that effectively reduce the interest rate on their monthly mortgage payments to 1 percent.
• Single Family Housing Repair Loans and Grants Program — Eligible owner-occupied households with earnings of less than 50 percent of the county’s median income may qualify for low-interest loans to help with repairs necessary for safety, health, and accessibility. Loan terms are 1 percent over 20 years, and a limited amount of grant assistance may be available to eligible applicants ages 62 and older.
In fiscal year 2019, USDA invested more than $492.7 million to help 4,306 families and individuals buy a home in Ohio. The state also provided $1,202,472 for home repairs for 225 very low-income rural residents.
Other areas of USDA housing support available to rural Ohioans include:
• Single Family Housing Guaranteed Loan Program — Works in partnership with private-sector lenders to help low- to moderate-income rural families purchase homes. To learn more about this program, e-mail: [email protected].
• Mutual Self-Help Housing Technical Assistance Grant Program — Available to nonprofit organizations which help very-low- and low-income families build their own rural homes.
Additionally, to assist homeowners facing current hardships resulting from the coronavirus pandemic, USDA is offering payment moratoriums and modified application processes. USDA Rural Development is also working with new borrowers and their lenders to make special accommodations based on local needs and restrictions.
For the most up-to-date information on Rural Development’s response to COVID-19, visit www.rd.usda.gov/coronavirus. Updates are also distributed via Twitter @usdaRD.