Senators Push Back on USDA Loan Program Changes
Portland Maine News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Bipartisan Senators Urge USDA to Reverse Loan Program Changes
Two senators, Angus King and John Curtis, have written to Agriculture Secretary Brooke Rollins, urging the Trump administration to roll back recent changes to the USDAs Section 502 Direct Loan program. This program provides affordable housing for low-income rural homebuyers, but the updates have limited access by cutting maximum loan amounts and blocking financing if a homes appraised value exceeds the new cap. This affects programs like Habitat for Humanity, where families contribute sweat equity to build or improve homes, often increasing the homes value beyond loan limits. In Maine, a mostly rural state, leaders from eight Habitat affiliates worry that these changes will lead to pricier alternatives, slowing down new housing. The program issued seventy-five loans in Maine in 2024, and advocates argue that these rules conflict with rising home prices due to inflation and supply issues. The USDA defends the changes as a way to stretch funds and serve more families, but housing groups counter that they create uncertainty and higher costs for buyers.
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