U.S. Department of Agriculture Rural Development invested $542.6 million in 2020 to help mitigate the rising cost of homeownership in Oregon. The funds were distributed through three programs.
The Single Family Housing Guaranteed Loan Program will guarantee private mortgage loans to offset risk for lenders. The Single Family Housing Direct Loan Program will make USDA loans available to families that are unable to secure private loans, including down payment assistance. The Single Family Housing Repair Program will fund critical repairs on existing homeowners’ homes.
The USDA investment represents the largest homeownership investment in the last decade for Oregon. During the past 10 years, USDA Rural Development has invested a total of $4.9 billion to help low-income rural Oregonians buy safe, affordable homes or mitigate health and safety hazards so they can remain in their homes. These investments help families build equity and improve their financial outlook for the long term.
You can read more information from the Cannon Beach Gazette here: https://www.cannonbeachgazette.com/news/usda-invests-542m-in-homeownership-for-low-income-rural-oregonians/article_e68c4c85-1aeb-5eb5-86a1-17141459b52e.html