Senator Collins announces nearly $100 million in single family housing loan funding

U.S. Senator Susan Collins today announced that the U.S. Department of Agriculture will distribute $99,996,518 in federal Single Family Housing Guaranteed Loan Program Funding.

The funding is being distributed to Maine through the American Recovery and Reinvestment Act of 2009. Senator Collins worked with a bipartisan group of senators to craft the legislation that became law in February.

The funding is primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites.

Senator Collins released the following statement:

“During these tough economic times, the dream of homeownership is even further out of reach for many Maine families. This funding will help make the dream a reality and it will also help boost Maine’s slumping real estate market therefore stimulating the state’s economy when it is needed most ,” said Senator Collins.