On March 20, the Senate passed by a vote of 73 to 26 its amended version of the House-passed FY 2013 continuing resolution (CR), H.R. 933. On March 21, the House also passed, by a vote of 318 to 109, the amended version of the CR. The bill now goes to the President for his signature. The FY 2013 Agriculture appropriations bill included in the CR includes language to allow any area that was eligible for rural housing programs at the end of Fiscal Year 2012 to remain eligible until the end of FY 2013. For rural housing programs, the bill provides:
$24 billion for the Section 502 unsubsidized guaranteed loan program, equal to its FY 2012 enacted level.
This is great news for communities who have depended on zero down financing in thousands of areas across the United States and feared that many such areas would be ‘axed’ from the Eligibility Map.
Just like for this homebuyer who purchased a home in Sun City, CA with absolutely not a dime out of pocket, the USDA Guaranteed Rural Housing program remains a favorite!