Washington, D.C. – April 2, 2009 – (RealEstateRama) — More than $22 million in guaranteed housing loans for rural Nevada is on its way to the Silver State, Nevada Senator Harry Reid announced today.
Reid helped bring the funding to Nevada as part of the recently passed economic recovery package. The money is managed through the Department of Agriculture’s Single Family Housing Guaranteed Loan Program, which is intended to finance new or improved housing for very low- to moderate-income families and individuals in rural areas.
“Nevada’s working families want the chance to give their families a place to call home,” Reid said. “This program will give more struggling families the opportunity to buy a home by providing guaranteed loans.”
Funding from the economic recovery package will initially provide 15,000 rural families throughout the country with $1.76 billion in loan guarantees for homeownership financing, creating or saving approximately 7,500 jobs. Once all recovery act funding for rural housing is released, it is estimated that 42,500 jobs will be created or saved.
