Colorado Housing Nonprofits Concerned About Potential Loss of USDA Loan Program
Austin Reese is building his new home in the High Country, thanks to a federal loan program for rural first-time homebuyers.
Reese, who works for the Colorado State Forest Service, bought the home in Hot Sulphur Springs from Habitat for Humanity Grand County.
The United States Department of Agriculture’s 502 Direct Loan Program provides subsidized mortgage plans with benefits such as no down payment.
- The program targets low-income buyers, making between 50% and 80% of their county’s area median income.
The program has been a ‘miracle’ for rural homebuyers.
Austin Reese is helping to build his home as part of his volunteer hours, which the nonprofit requires for homebuyers.
Author summary: Colorado nonprofits worry about losing a vital loan program for rural homebuyers.