Tell Congress to Protect the American Dream
NAR is seeking Congressional support for H.R. 273 and S. 3541. H.R.
273 and S. 3541 provide a long-term solution to maintain access, for growing
communities, to the United States Department of Agriculture, Rural Housing
Service Section 502 Program.
Only Congress can prevent more than 900 growing communities in 48 states from
losing eligibility for the Section 502 Program. Currently, the Section 502
Program provides federal backing for mortgages allowing smaller, community
based lenders to offer safe and affordable mortgages to home-buyers in growth
Urge Congress to help keep alive the American Dream of Homeownership for
thousands of potential homeowners across the nation.
Unless Congress acts quickly, homeowners and prospective owners in more than
900 communities across the country will not have access to the programs of the
Rural Housing Service (RHS).
One program of concern is the Section 502 guaranteed loan program that provides
opportunities for homeownership for rural families. These loans can be used for
a variety of important homeownership needs including purchase and or site
preparation, as just two examples. RHS insures the loans while 502 loans
are made at no cost to the federal government as the program's costs are fully
supported by the premiums paid by borrowers.
Congress needs to act when they return to Washington after the election.