NAR Supports Expansion of Farm Credit

Published: January 31, 2007

<table width="507"><tbody><tr><td class="itemheader"><span style="FONT-WEIGHT: 900; FONT-SIZE: 14px; MARGIN-BOTTOM: 3px; PADDING-BOTTOM: 3px; COLOR: #003399; PADDING-TOP: 3px; FONT-FAMILY: Arial, Helvetica, sans-serif"><b></b></span></td></tr><!– Story –><tr><td class="blacktext" width="500">Rural areas with a population of up to 50,000 should be eligible for mortgage and other loan assistance under the Farm Credit Act, say NAR and the National Association of Home Builders in a letter to Congress. The Farm Credit System was created more than 90 years ago to provide credit to farmers and ranchers. While the large majority of lending under the program is to finance small agricultural businesses, loans are also made to finance home purchases in rural areas. However, the Farm Credit Act limits the areas served under the program to those with populations of 2,500 people or fewer. This limit was set in 1971. Expanding the cap to 50,000 will allow the Farm Credit System to serve more rural communities and provide rural homebuyers with greater access to credit, NAR and NAHB say. </td></tr></tbody></table>

Last modified: January 31, 2007 at 2:44 pm | Originally published: January 31, 2007 at 2:44 pm
Printed: September 29, 2020