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Funding Update for the USDA Guaranteed Rural Housing Program
Rural Housing Preservation and Stabilization Act of 2010

Yesterday April 27th, 2010, the U.S. House of Representatives passed the Rural Housing Preservation and Stabilization Act of 2010 (H.R. 5017) by a vote of 352-62 to ensure that families in rural communities continue to have access to much-needed affordable mortgages at no cost to the taxpayers.  Through this legislation, the guarantee fee in the USDA Guaranteed Rural Housing (GRH) Program may be raised to offset any need for Congressional appropriations.  H.R. 5017 would raise the cap on the amount of the annual premium that is charged to borrowers under the single-family loan guarantee program run by the Department of Agriculture's Rural Housing Service (RHS).  Additionally, H.R. 5017 would authorize USDA Rural Development to guarantee up to $30 billion in loans in Fiscal Year 2010.  This would represent an additional $18 billion in loan making authority for the remainder of the 2010 fiscal year. 
Before these changes can be implemented, similar legislative action will need to occur in the U.S. Senate. 
Following this action in the House, the USDA Rural Development National Office sent an announcement that stated: "Depending upon Congressional activity with the proposed legislation it is possible that the Agency ... more

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