Dear Florida Association Executives:

As if the flood insurance program expiration Sunday at midnight was not enough, the US Department of Agriculture rural housing program is running out of money (and will by the end of April if Congress doesn't act). I'm getting emails and calls about this issue and I'm sure several of you are as well.

NAR has a Call-for-action going live to FPC's and state Presidents this morning that will mention both flood and rural housing.

Attached are two letters NAR sent to House and Senate Appropriators as well as a blurb below that NAR put out recently that you can share with your membership.

This is all I have at this point but will keep you posted. Unlike the flood insurance program which has expired, the rural housing program has not run out of money…yet. Congress is on a two-week recess and I firmly believe they will deal with both issues immediately upon their return to Washington. NAR is well aware of the frustrations in the field.

USDA Rural Housing 502 Program Running Out of Money

Last week, the United States Department of Agriculture (USDA) announced that funding authority for its popular Rural Housing 502 Single-Family Loan Guarantee program will likely be exhausted by the end of April, 2010. Once funding is exhausted, the Agency will not issue Conditional Commitm“subject to receipt of appropriated funds.” This is because it is not certain when additional funding will be available. NAR immediately sent a letter to Congressional appropriators to insure additional commitment authority is provided prior to that date. NAR continues to work with RHS and Congress to make sure this valuable program remains in place for rural families.

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John M. Sebree, DPL Vice President of Public Policy | Florida Realtors®
P.O. Box 1853
Tallahassee, FL 32302
talk: 850-224-1400
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