Chadron area residents are invited to a public meeting at the Country Kitchen June 2 at noon. The meeting will focus on opportunities available for families and individuals to achieve the dream of homeownership. USDA Rural Development has approximately $120 million available in Nebraska to assist with meeting the housing needs in rural communities.
State and federal partners, community officials, lenders, realtors, major employers, home builders and other housing partners will convene for the meeting. Families that are interested in living in rural communities and owning their own home or existing home owners that need assistance with home repairs should plan to attend.
Representatives from USDA Rural Development, Nebraska Investment Finance Authority and other housing partners will be available to discuss programs that offer up to 100% financing for a home purchase. Financing is available with interest rates at 3% and below, and households may qualify for rates as low as 1%.
In honor of June Homeownership Month, Alyssa Peters and family along with associated housing partners will be recognized at the meeting. Alyssa purchased a home in Chadron, Nebraska that provided space and stability for her and her three children. Alyssa found a house owned by High Plains Community Development Corp. that was being rehabilitated. High Plains Community Development Corp. utilized funds from the Nebraska Department of Economic Development (DED) Housing Trust Fund to purchase and rehabilitate the home. High Plains used only local contractors to do the work, and the Chadron State College Women’s Basketball team and Pine Ridge Job Corps students helped in the rehabilitation.
With a partnership by Farmers State Bank and West Gate Bank, financing was secured, utilizing the USDA Rural Housing Guaranteed Loan program. Grant financing from High Plains Community Development Corp., with a second loan, helped with down payment and closing costs. Because of the DED funds, the homeowner accessed closing cost assistance funds of $5,000.
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“It was just great to be able to move back to Chadron to raise the kids in a small town and to be able to provide them with a space of their own,” said Alyssa.
Expanding and preserving homeownership is an important foundation to the economy and provides stability in rural communities. Available housing is important in supporting employers in the community, provides a place “where jobs sleep” and allows families to live and raise their families in communities where they work.
The USDA loan rates with no or a low down payment makes home ownership affordable and may be less than rent. Low interest rate loans at 1% are also available for home repairs for existing home-owners for very low income household. Grants for home repairs are available for elderly households 62 years of age or older who are unable to repay a loan.