FHA Program Is f

FHA Program Is f

Greatly Expanded

The Agricultural Act of |1961 will revise some of the leading authorities of the Farmers Home Administration and the ..evv char :ewill be effective October 15, stated George Krause, acting County* Supervisor, at the Culpeper Office.

i The former Farm H o u si n g loans will be changed to Rural Housing loans. The new authority will allow loans to eligible applicants who are owners of non-farm tracts as well as farms.

The Rural Housing loans may be'made to construct or repair any buildings essential to the successful operation of the farm or the applicant and his family.*

Personnel of the Culpeper Office were in Richmond for a meeting October 3rd and 4th and received detailed information on the new, policies and proceedures. The ^local office at 505 N. Main St. in Culpeper serves a 10-county area in Northern Virginia.

A greatly expanded rural housing program will be in effect. One feature, of the new legislation expected to be beneficial to this area involves the new regulations which will authorize FHA to* finance new dwellings and modernity old ones in towns in which the population does not exceed 2,500. The loans for rtew dwellings may be scheduled over a maximum period of 33 years with 4% interest. While there is no financial limit on the amount of aiijr loan, the dwelling must be adequate fof the needs of the family, yet twodett in size and design.

The new legislation also authorizes loans to buy and enlarge' any family farm. Previously, these loans had been limited to farms whose value was no greater than the average for the county.

This new authority should help young farmers in getting established. Loans can be made for the enlargement, improvement and purchase of farms no larger than family farms.

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