NAR Urges Congress to Restore Rural Housing Funding

The Section 502 Rural Housing single family loan guarantee program remains unfunded. This program used all their commitment authority back in May, and despite being non-controversial, Congress has been unable to pass legislation to restore the program. Thousands of families with rural housing loans have been left in limbo, and continue to be threatened with the expiration of the tax credit on September 30. Last week, NAR sent a letter to Senate leaders urging them to bring this legislation to the floor. Language has been included in the Emergency Supplemental Appropriations Act (H.R. 4899), which has passed the House and Senate. However, that bill continues to be stalled and is currently awaiting final passage. We are hopeful Congress will act in the next two weeks on either the stand alone bill (S. 3266) or the Supplemental to restore funding for this program and help low-income rural families nationwide."