Combined Rural Development Recovery Act Funding in New York Now Exceeds $120 Million
SYRACUSE, N.Y. – August 10, 2009 – (RealEstateRama) — The U.S. Department of Agriculture has announced that the number of home loans funded through the American Reinvestment and Recovery Act (ARRA) has now exceeded 50,000. The announcement was made yesterday in Washington, D.C. by Agriculture Deputy Secretary Kathleen Merrigan.
In New York, USDA Rural Development has surpassed all previous home loan records, thanks in large part to the Recovery Act funding it has received.
Rural Development in New York has financed more than 660 home loans, worth $69 million, with Recovery Act funding. When fiscal year 2009 funds are included, the agency has approved 1,458 home loans valued at $150 million. More than 1,200 of these loans have been made through Rural Development’s guaranteed loan program, in which a private lender provides the loan and USDA guarantees it. By contrast, the agency provided 995 home loans, worth about $97 million, in New York last year.
“Thanks to the Recovery Act, more than 660 rural New Yorkers are now home owners, fully invested in and committed to their local communities and economies,” said Jill Harvey, State Director for USDA Rural Development in New York. “The historic volume of loans our agency has processed in such a remarkably short period of time is a testament to our hard-working staff throughout the state, who have put in extra hours and extra effort to support the lenders, realtors and individual home buyers who utilize our loan programs and are so vital to our success.”
In addition to the $69 million in home loans, USDA Rural Development in New York has also obligated $52.8 million in Recovery Act funding to 40 water, sewer, community facilities and business projects in the state.
President Obama signed The American Recovery and Reinvestment Act of 2009 (Recovery Act) into law on Feb. 17, 2009. It is designed to jumpstart the nation’s economy, create or save millions of jobs and put a down payment on addressing long-neglected challenges so our country can thrive in the 21st century. The Act includes measures to modernize our nation’s infrastructure, enhance energy independence, expand educational opportunities, preserve and improve affordable health care, provide tax relief, and protect those in greatest need. More information about USDA’s Recovery Act efforts is available at www.usda.gov/recovery. More information about the Federal government’s efforts on the Recovery Act is available at www.recovery.gov.
For more information on USDA Rural Development programs, contact the Rural Development state office at (315) 477-6400 or visit Rural Development’s web site at http://www.rurdev.usda.gov/ny
Contact: Tim Jones (315) 477-6436
timothy.jones (at) ny.usda (dot) gov