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502 Direct Loans

Housing America Celebrates National Home-ownership Month (June): Starts Packaging 502 Direct Loans

Somerton, AZ “We have dozens of families on our incubation list that are not able to work on weekends, which is required by our Mutual Self Help Program. Accordingly, the time has come for us to start packaging 502 loans for non Self-Help participants eligible for assistance from USDA,” explained Thomas Ryan, Housing America’s Executive Director.

Housing America (HAC) is a USDA RD Section 523 Mutual Self Help Technical Assistance grantee. HAC supervises groups of very-low- and low-income individuals and families as they construct their own homes The group members provide most of the construction labor on each other’s homes on the weekends, with technical assistance from HAC.

“Our new program adds homeownership opportunity for those that cannot work on weekends. We will now be able to assist them in obtaining decent, safe and sanitary housing with USDA 502 Direct loans. Once approved USDA will pro-vide payment assistance to increase repayment ability,” add-ed Ryan. The amount of assistance is determined by USDA and it is based on adjusted family income.

Once again HAC has partnered with the Rural Community Assistance Corporation and USDA Rural Development, its long-term collaborators in rural housing projects.