Washington, DC — Iowa Congressman Zach Nunn is co-sponsoring legislation he says will improve housing in rural communities.
Nunn and North Carolina Congressman Wiley Nickel have introduced the Promote Affordable Housing Act. Its goal is to improve the USDA’s Section 524 loan program by extending the term for rural housing site loans and expanding their use. Nunn, a Republican from Bondurant, says rural America is facing a severe housing shortage.
Nunn’s proposal calls for modernizing the USDA program providing loans used to purchase and develop housing sites for low-income and moderate-income families. Now, the program allows only a two-year loan term at below-market rate. Nunn says the bill would expand the loan repayment window to five years.
Nunn says the proposal would also allow loans to be used for development projects, including surveys, architecture designs and engineering.
A companion piece recently passed in the U.S. Senate.
