Tuesday, August 9, 2011

Five families in Monticello begin building new homes

Five families in Monticello begin building new homes
Great partnerships can lead to great projects—and this event highlighted several strategic partners that worked incredibly hard to make it happen, including USDA Rural Develop-ment, Kentucky Highlands Investment Corporation, Southern Tier Housing Corporation, the Federa- tion of Appalachian Hous-ing Enterprises (FAHE) and the families of Pedro and Omaira Ruiz, Mary and Silvino Castillo, Yvonne Hernandez, Brenda McGuire and Patsy Perdue.

This project began several years ago when Kentucky Highlands received a Rural Development Section 523 Mutual Self Help Housing grant for $250,000 in April 2008. That money was designated for technical assistance to help 12 families that wanted to help build new homes.
The selected families also were approved for Rural Development 502 Direct Loan fund, in addition to forgivable loans from FAHE, to pay for the cost of building the homes.
The Section 523 program is used primarily to help very low and low- income households build their own homes and is targeted to families who are unable to buy clean, safe housing through conventional methods.
USDA, through its Rural Development mission area, administers and manages housing, business and community infrastructure and facility programs through a national network of state and local offices. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America. Rural Development has an existing portfolio of more than $150 billion in loans and loan guarantees. Visit http://www.rurdev.usda.gov for additional information about the agency's programs or to locate the USDA Rural Development office nearest yo
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