Today, I received this email from the National Rural Housing Coalition confirming the passage of the Farm Bill.
After three years of contentious negotiations, the Senate voted this afternoon 68 to 32 in favor of the Farm Bill, which includes a Rural Definition provision (Section 6208). The legislation now goes to the President for his signature, and the White House has said that he will sign the bill into law.
As we mentioned before, the provision extends current law through the 2020 Census and will increase the population threshold from 25,000 to 35,000 once it becomes effective on October 1, 2014. This will help ensure that low-income families–particularly those living in metro counties–will have access to critical USDA resources and programs. In addition, it will provide much-needed certainty to rural housing developers and organizations.
This is a HUGE win for the Baton Rouge Area, as we have been direct beneficiaries of the Rural Development loan program. Not only does it extend the definition for another 6 years, but it expands the population requirement meaning even MORE areas could be open for homeowners to take advantage of it.
Now that we know the Rural Development loan is safe, how do we know if an area is eligible for a 100% RD loan? Simply click here and type in an address! Once you have found an RD eligible area, give me a call and we’ll get you qualified for a new home!
David R. Madaffari, Realtor
Keller Williams Realty – First Choice
Cell: 225.772.3283 (DAVE)
37325 Market Place Dr. Ste D
Prairieville, LA 70769
Each office independently owned and operated