News Release - 6/23/06
WASHINGTON, June 6, 2006 – Agriculture secretary Mike Johanns announced the United States Department of Agriculture’s new Home Energy Advantage program. The nationwide pilot program provides increased buying power for applicants purchasing energy efficient homes under the USDA’s Rural Development Section 502 homeownership loan program.
Rural Development Section 502 loan programs assist qualified low and moderate income families purchase homes in rural areas. The Home Energy Advantage program allows qualifying ratios for home loans to be stretched by up to two percentage points if an energy efficient home is purchased because decreased utility costs enable homeowners to make higher monthly mortgage payments.
A home is considered energy efficient under this program if it meets the 2000 International Energy Conservation Code (IECC) or a subsequent comparable code.
USDA Rural Development’s mission is to increase both economic opportunity and quality of life for American rural families.
“Homeownership has always been a central part of the American Dream,” said Johanns at the Stand Up for Rural America Conference. “I’m pleased that through this new initiative we can encourage efforts to expand access to new, affordable housing opportunities in rural America, while emphasizing energy conservation.”
Further information on the Home Energy Advantage program is available by visiting USDA’s website at www.rurdev.usda.gov.
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