Hope for USDA Rural Development

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Earlier this week, the US House of Representatives passed the Rural Housing Preservation and Stabilization Act of 2010 (HR 5017). Through this legislation, the guarantee fee in the USDA Guaranteed Rural Housing (GRH) Program may be raised to offset any need for Congressional Appropriations (Currently we believe to 3.5%).

Additionally, HR 5017 would authorize USDA Rural Development to guarantee up to $30 billion in loans in Fiscal 2010. This would represent an $18 billion in loan making authority for the remainder of the fiscal year.

Before these changes can be implemented, similar legislative action will need to occur in the US Senate.

Following the action in the House, the USDA Rural Development National Office sent an announcement that stated “Depending on Congressional activity with the proposed legislation it is possible that the Agency may consider issuing additional commitments.”

We're getting closer!

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