To expand home ownership opportunities for low- and moderate-income families in rural areas.
Rural Housing Improvement Act of 1989 - Title I: Rural Housing Loan Guarantees - Amends the Housing Act of 1949 to establish a guaranteed loan program for moderate income rural borrowers to acquire or rehabilitate single-family homes. Gives priority to first-time homebuyers.
Provides for: (1) lender guarantee fees; (2) loan refinancing; (3) nonassumption of loans; and (4) geographic loan targeting.
Title II: Agricultural Mortgage Secondary Market - Amends the Farm Credit Act of 1971 to expand the definition of "agricultural real estate" for purposes of the agricultural mortgage secondary market.
Title III: Technical Assistance - Provides technical assistance for the programs under titles I and II of this Act. Authorizes appropriations.
Introduced in House
Introduced in House
Referred to the House Committee on Banking, Finance + Urban Affrs.
Referred to the House Committee on Agriculture.
Referred to the Subcommittee on Conservation Credit and Rural Development.
Referred to the Subcommittee on Housing and Community Development.
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