Colorado Housing Nonprofits Concerned About Potential Loss of USDA Loan Program
Austin Reese is building his new home in the High Country with the help of Habitat for Humanity Grand County.
Reese, an employee of the Colorado State Forest Service's Granby office, was able to afford the home in Hot Sulphur Springs thanks to the United States Department of Agriculture's 502 Direct Loan Program.
- The program provides subsidized mortgage plans with no down payment required.
- Benefits are targeted at low-income buyers, those 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 is a requirement for homebuyers set by the nonprofit.
Author's summary: Colorado nonprofits worry about losing a crucial loan program for rural homebuyers.