Kathy Tyler of MET. Inc. tells me that over 60 people participated in today’s audio web session to learn about the USDA Section 502 loan program for low income families. That is very good good news.
The next step is a training in Dallas, March 24-26 to teach nonprofits how to use the program. Thanks to TDHCA there is travel and lodging reimbursement for select organizations interested in helping low income Texas families apply for and use these loans. Here is the application form.
The USDA 502 direct loan program is the gold standard for affordable, high quality loans for low-income families. Interest rates are as low as 1 percent. It is a shame that Texas dramatically underutilized the program in recent years and sent most of our state’s allocation back to Washington unused where it was quickly snapped up to make loans in other states.
A TxLIHIS report a few months ago, researched and written by Kevin Jewell blew the whistle on this problem. People read the report and got to work to solve the problem. Now thanks to a cooperative arrangement of a number of Texas housers, especially MET, Inc., the Housing Assistance Council, the Texas Department of Housing and Community Affairs and USDA, Texas is making real efforts to put these funds to work providing affordable homes to low income Texans.
I am hoping to be one of the lucky ones to secure a loan through the 502 Direct Loan program this month. I am very low income and am submitting my application this week to the office in Fredericksberg, Texas. I am wondering how long it takes to get approved and am on SSD. I am also hoping to find a home in Medina County before the first time homebuyer credit is gone..