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Show Home Ownership Program For Low Income Residents In Rural Counties Announced Bv Cannon KANAB U.S. Representative Chris Cannon announced a housing loan partnership that will provide new home ownership opportunities for low and very low income residents in rural Utah. The Rural Housing Loan Partnership (RHLP) is a publicprivate partnership between financial institutions that have come together to address the need for home ownership opportunities in five Utah counties. Cannon met with various partners to announce this development, hailing it as a giant step in the right direction for rural Utah. "This unique partnership has taken the resources from several different government and non-profit entities to create a loan product that is unlike anything else in the country. The results from this program will have a tremendous impact on the communities of Garfield, Kane, Washington, Iron and Beaver counties." Cannon said there is a great need for more affordable housing in rural Utah. While home ownership rates are at records highs, there is still much work to be done, particularly among minorities and rural residents. "Over 16,000 Utah families spend at least half of their income on housing. Another 15,000 Utah families are on waiting lists for public housing statewide. Clearly, making housing both available and affordable to families should be a top priority. "We are fortunate in America to have the most efficient, most stable housing finance system in the world. Congress has worked hard to make home ownership a priority. For the past 60 years, we have encouraged and prodded the mortgage and housing industries to develop a system that is unparalleled anywhere else. Thanks to the efforts of groups like Fannie Mae (a housing partner), Americans have greater access to mortgage credit than at any time in our history." The RHLP will provide a comprehensive approach to rural home ownership for families earning 50 and 80 percent of the area's median income. RHLP will provide subsidy funds for homebuyer cost reduction which includes closing cost and down payment assistance, mortgage financing at below-market rates, funds for the rehabilitation of substandard housing, and deep discounts on the purchase of new manufactured housing. "Every time a young family moves into a new home of their own, they begin to establish roots in a community," Cannon said. "Over time, these roots grow deeper and deeper. We know for a fact that homeowners are more involved in their communities. They are more . likely to attend the PTA meetings and be involved in the schools, to participate in local government process and to volunteer their time to local organizations. Clearly, increasing home ownership opportunities will strengthen each rural community, one loan at a time. "I am excited and honored to be ' a part of this wonderful program ' that brings together important ' housing resources to make home ownership art option for hard working Utahns living in rural ' areas," Cannon said. r ' Mo everyone that thirstetk, come ye to the waters, and he that ho ntoneyt come ye buy, and eat; yea, come, buy wine and milk without money and without price. ha. 55,1 J , |