Washington, DC – April 28, 2010 – (RealEstateRama) — Today, Congressman Leonard Boswell supported and the House passed H.R. 5017, the Rural Housing Preservation and Stabilization Act, to ensure that families in rural Iowa communities continue to have access to affordable mortgages through the Department of Agriculture’s loan guarantee program.
“This legislation is important to encourage growth and stability in Iowa’s rural communities, especially as the demand for these middle class home loans has tripled in the last two years,” Boswell said. “We must rebuild our country’s economy first and foremost at the local level, which is why I have supported measures to expand small business loans to Iowa’s entrepreneurs, to expand broadband and other technologies to Iowa’s towns, and to invest in expanding Iowa’s energy and manufacturing industries.”
H.R. 5017 will continue to fund the Department of Agriculture’s Section 502 home loan guarantee program which is expected to run out of funding in the near term. Additionally, this legislation will make the program self-funded, so it will not operate at no-cost to the taxpayer and cut $24 million in discretionary spending in 2010.
Contact:
Jane Slusark, 202-225-3806, Jane.Slusark (at) mail.house (dot) gov
