May 14, 2010

A housing fair planning meeting was held Thursday at the Greater Blytheville Area Chamber of Commerce. The housing fair will be held from 1-7 p.m. June 3 at the Arkansas Northeastern College Governors Ballroom. USDA Rural Development outreach specialist Michelle Stinnett is scheduled to be at the job fair to discuss $2.9 billion that has been set aside in the American Recovery and Reinvestment Act for rural development...

A housing fair planning meeting was held Thursday at the Greater Blytheville Area Chamber of Commerce.

The housing fair will be held from 1-7 p.m. June 3 at the Arkansas Northeastern College Governors Ballroom.

USDA Rural Development outreach specialist Michelle Stinnett is scheduled to be at the job fair to discuss $2.9 billion that has been set aside in the American Recovery and Reinvestment Act for rural development.

There are two types of stimulus monies available. One is a 502 direct loan program. Rural Housing Direct Loans are loans that are directly funded by the government.

These loans are available for low- and very low-income households to obtain home ownership. Applicants may obtain 100 percent financing to purchase an existing dwelling, purchase a site and construct a dwelling, or purchase newly constructed dwellings located in rural areas. There is a $121,000 cap.

Mortgage payments are based on the household's adjusted income.

Another type of stimulus funding available is a $2,000 grant to do minor repairs to homes.

This area is one of 15 high-priority areas in Arkansas.

Thursday's planning meeting was called by Blytheville Mayor Barrett Harrison.

mbrasfield@blythevillecourier.com

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