Rural Areas to Stay Rural — for Now
The National Association of REALTORS® and other housing groups have been urging Congress for years to grandfather eligibility of some 900 rural communities into federal rural housing programs, including the popular Sec. 502 direct-loan program that enables home buyers who can’t get financing elsewhere to get no-down mortgage loans. Congressional intervention is needed because the definition of rural hasn’t changed since 1974, and hundreds of rural communities, including many near growing metropolitan areas, are at risk of losing their designation even though they remain for all intents and purposes rural. Read more...
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