(05/08/2008)
USDA Rural Development and Ginnie Mae announced they have reached a significant milestone by securing more than $100 million in loans to build or rehabilitate affordable rental housing in rural communities.

The two groups formed a partnership in 2005 in which Rural Development's Section 538 Guaranteed Rural Rental Housing Program loans are guaranteed by Ginnie Mae and then sold to private investors, a process known as securitization.

"Helping rural citizens obtain affordable rental housing is a major part of USDA Rural Development's mission," said Under Secretary for Rural Development Thomas C. Dorr. "Our partnership with Ginnie Mae demonstrates that financing affordable housing is a sound, viable business venture."

West Virginia USDA Rural Development State Director Rick E. Rice added, "Those wanting further information on this program in West Virginia, feel free to contact Housing Program Director Dianne Crysler at (304) 284-4873."

"Ginnie Mae," is the Government National Mortgage Association (GNMA).


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