On Tuesday, April 13, 2010, USDA sent out an announcement that funds were being exhausted at the rate of around $100 million per day. They also urged everyone to contact their Congressman to impress upon them the importance of continued USDA funding availability.
This comes shortly after Congress recessed for spring break without resolving this critical issue. Earlier today, it was announced that yesterday, Rep. Shelley Moore Capito, R-W.VA, introduced new legislation regarding the continued funding for USDA loans.
Legislation Would Increase USDA Rural Housing Loan Guarantee Program's Capital Reserve
Washington-Rep. Shelley Moore Capito, R-W.Va., the Ranking Republican Member of the House Financial Services Subcommittee on Housing and Community Opportunity, yesterday introduced legislation in the House Financial Services Committee to shore up funds for the U.S. Department of Agriculture 502 Rural Housing loan guarantee program. Capito's bill, H.R. 5003, The Rural Housing Improvement Act, would ensure that responsible families in rural communities continue to have access to the credit market to finance their homes.
"I have received hundreds of letters, emails and calls from my constituents, including home buyers and sellers, who are concerned that the 502 loan guarantee program will soon run out of funds," said Capito. "My legislation would continue to assist thousands of responsible, low to moderate income West Virginians who otherwise wouldn't have access to home ownership."
It is still very important that everyone contact their representatives regarding USDA funds.