Rural Communities Protected from Loss of Mortgage Opportunities

The U.S. House and Senate passed comprehensive farm legislation today that includes long-sought protection of federal Rural Housing Services programs for thousands of small communities across the country.

The bill maintains until 2030 the current definition of rural community, enabling communities with 35,000 people or fewer, not part of a larger metropolitan statistical area, and that have few private mortgage financing options available to remain eligible for federal mortgage financing and other programs under the Rural Housing Service. Those programs take into account factors unique to borrowers and the properties available to them in rural areas.

“We are pleased to see the House and Senate this week take action to extend the RHS definition through 2030,” says NAR President John Smaby. “We applaud Congress for providing this critical certainty to REALTORS® and homeowners across rural America.”

The bill, which the president is expected to sign, also makes a number of improvements sought by NAR. Among other things, the population of rural areas hosting prisons won’t be inappropriately increased by including incarcerated persons in the population tally, and only a portion of people temporarily living in the area because of military service will be included in the population count.

Access bill: http://bit.ly/2BcUzWY

NAR’s Federal Advocacy: https://www.nar.realtor/political-advocacy/federal-advocacy

Source: National Association of REALTORS®