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NAR looks for extension of rural housing program

Friday, April 30, 2010

A real estate association is looking for an extension to a rural housing program.
A real estate association is looking for an extension to a rural housing program.

The National Association of Realtors recently called upon the Senate to extend a program that helps people purchase homes in rural areas.

The NAR noted the house has already passed the Rural Housing Preservation and Stabilization Act of 2010, which adds government guarantees to loans made for buying rural property. Currently, the government's commitment to the program is set to expire on April 30.

"Fast passage is critical to our nation's rural citizens, and needs immediate congressional attention," NAR president Vicki Cox said. "The Senate's failure to act in a timely manner would create a gap in the home buying process and unnecessarily burden poor families in rural areas."

Loans through the program are granted by private lenders and insured by the Rural Housing Service. The funds can be used to help construction equipment get on the move in remote areas, as loans can go toward building, repairing or relocating a home. They can also be used to purchase a home.

Extending the program could help the housing market in these areas as a government tax credit to encourage home purchases comes to a close. The credit provided as much as $8,000 for first-time homebuyers and up to $6,500 for repeat purchasers.ADNFCR-2034-ID-19755209-ADNFCR

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