The week ahead: The Senate will examine the state of rural housing
The United States Department of Agriculture (USDA) established its Single Family Housing Guaranteed Loan Program in 1991 to help expand access to mortgage financing in rural areas. Since then, nearly 1.5 million rural residents have purchased homes with USDA loan guarantees, and more than 134,000 buyers have used USDA loan guarantees to purchase homes in rural areas. in 2015 only.
On Tuesday, September 20, the U.S. Senate Committee on Banking, Housing, and Urban Affairs will hold a hearing entitled “Review of the U.S. Department of Agriculture’s Rural Housing Service: Stakeholder Perspectives” at 1:30 p.m. central.
The USDA provides loan guarantees to lenders in the event of a borrower’s default, thereby significantly reducing lender risk and increasing the lender’s ability to reach potential homeowners. Through USDA Rural Housing Services, a variety of programs are offered to build or improve housing and essential community facilities in rural areas of the country. The USDA offers loans, grants and loan guarantees for single and multi-family dwellings, nurseries, fire and police stations, hospitals, libraries, nursing homes, schools, vehicles and equipment first aid, housing for farm workers, and much more.
Testifying to the Senate Banking Committee discussion will be Elizabeth Glidden, deputy executive director of the Minnesota Housing Partnership; Marcia Erickson, CEO of GROW South Dakota; Tonya Plummer, Director, Native American Housing Programs, Enterprise Community Partners; and David Battany, EVP, Capital Markets for Guild Mortgage Company, on behalf of the Mortgage Bankers Association (MBA).
Glidden directs Minnesota Housing Partnership policies and programs toward outcomes that improve the quality, affordability, and availability of housing in Minnesota and beyond. She is a public policy professional and lawyer with over 25 years of experience. She was a member of the Minneapolis City Council from 2006-2017 and Vice President of the Council from 2013-2017, advocating for state and local affordable housing policies, improving the Section 8 program, leading designation processes historical for projects associated with our past public policies. segregation and race pacts, and advice on community development.
Erickson has worked for GROW South Dakota for over 30 years and became its CEO in 2005. She has extensive experience in mobilizing and administering resources from private, state and government funding sources. GROW South Dakota has three nonprofit organizations under its umbrella that provide housing, community and economic development activities in the state of South Dakota.
As Director of Native American Housing Programs for Enterprise Community Partners, Plummer focuses on the shortage of affordable rental housing as Enterprise targets solutions, capital, and community development.
With over 30 years of mortgage leadership, Battany is EVP, Capital Markets for Guild Mortgage, overseeing the firm’s capital markets activities, including secondary market pricing, hedging and execution. He is also responsible for Guild’s credit policy, shipping and product development functions, and manages investor relations with GSEs, government agencies and private investors. He is a member of the Mortgage Bankers Association (MBA) Residential Board of Governors (RESBOG) for 2022 and is Co-Chair of the 2022 MBA Affordable Homeownership Advisory Council, a position he also held in 2021. He is Co-Chair of the National Housing Conference 2022 Black Homeownership Collaborative, and is a board member of Habitat for Humanity.
Click here for more information on the Senate Banking Committee hearing “Review of the United States Department of Agriculture’s Rural Housing Service: Stakeholder Perspectives”.
Here’s what else is happening in the coming week: