KENNEDY, KERRY ANNOUNCE NEARLY $37 MILLION IN FEDERAL FUNDING FOR SINGLE FAMILY HOMES IN MASSACHUSETTS
Senators Edward M. Kennedy and John F. Kerry announced today that $37,250,760 in federal funding for the Single Family Housing Guaranteed Loan Program will be disbursed to Massachusetts. The funding comes as part of the American Recovery and Reinvestment Act, under the U.S. Department of Agriculture. The Single Family Housing Guaranteed Loan Program is used to assist low-income individuals or households to build, repair, renovate or relocate a home, or to purchase and prepare sites.
Senator Kennedy said, "At this time of economic crisis, these funds could not come to Massachusetts at a more critical time. These guaranteed loans will allow Massachusetts citizens in hard hit, rural areas the opportunity to get back on their feet."
"These guaranteed loans will put working people in rural communities one step closer to realizing the American dream of homeownership," said Senator Kerry.
Eligible applicants for loans under the Single Family Housing Guaranteed Loan Program may have an income of up to 115% of the median income for the area. Eligible applicants must be without adequate housing, but must be able to meet the expense of mortgage payments, taxes and insurance, and have reasonable credit histories. For more information regarding the USDA's efforts under the American Recovery and Reinvestment Act, please visit www.usda.gov/recovery. More information regarding the Federal government's efforts on the economic stimulus is available at www.recovery.gov.