Lincoln says $700 million coming to Rural Development in Arkansas
U.S. Senator Blanche Lincoln (D-Ark.) issued a press release Tuesday stating that the United States Department of Agriculture’s Rural Development Program will receive the authority to guarantee $700 million in home loans in rural parts of Arkansas.
While the aforementioned news release is full of the expected election year back-patting and bragging, perhaps Lincoln deserves an accolade or two on this issue. She, after all, has pushed for increasing more loan guarantees for Rural Development since April when it became obvious the program would run out of money far before the new federal fiscal year started on on Oct. 1.
The availability of Rural Development loans is a big deal here in Arkansas. How big? I’ll refer you to this article that was published a few days ago here at First Arkansas News. Yes, that’s the great thing about online journalism — we’ve got the ability to link to earlier articles and resources rather than writing a bunch of mind-numbing summaries that bore readers to tears.
At any rate, mortgage bankers, Realtors and home owners wanting to close on homes and claim first-time and repeat home buyer tax credits have been anxiously awaiting to hear the news that Lincoln has proudly delivered. In fact, Rural Development mortgages have been credited with helping keep housing markets here in the Natural State remain comparatively steady while those in other parts of the country have suffered mightily.
On Monday, members of the Mortgage Bankers Association of Arkansas said they’re still waiting approval to start originating loans in conjunction with the Rural Development program. Still, they regarded the increased loan guarantees as good news, even if they have to wait a bit before writing mortgages tied to the Rural Development program.
Lincoln’s announcement may come as great news to people worried about the National Association of Realtors’ prediction that housing markets around the nation are in for a few lean months.
Benton resident. Rogue journalist. Recovering attorney. Email = Ethan@FirstArkansasNews.net.