Good news for USDA buyers that thought they were no longer going to be able to purchase homes in Post Falls and certain parts of Coeur d'Alene & Hayden.
Yesterday, Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson (D-SD) and Senator Pat Roberts (R-KS) introduced a bill that would grandfather the existing USDA Rural Housing program areas until the 2020 census. This new legislation will help them remain eligible to receive assistance.
The bill would also raise the population cap from 25,000 to 35,000.
Section 502 loans, or the Single Family Housing Guaranteed Loan Program make up the majority of the USDA rural housing development programs administered by the USDA housing activity. These loans are made by private mortgage funds, approved lenders, and then guaranteed through the USDA program.
Under current guidelines, all of Post Falls qualifies for the rural designation. This designation is in effect until September 30, 2013. Specific property eligibility is available on the USDA website.