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to the people involved,” Secretary Freeman said. “Improvements made by borrowers on their homes have increased the tax base, making it easier for local communities to finance improvements in roads, schools and other community facilities.”
Since the program was expanded four years ago, over 60,000 rural families have borrowed more than $546.7 million to improve their housing. Loans have toeen made in all 50 States, Puerto Rico and the Virgin Islands. Payments of principal and interest equal 104 percent of the total amount due since the program began. Many of the loans are repaid ahead of schedule.
Losses on Farmers Home ! Administration rural housing loans since the program started are less than twoonehundredths of one percent of the total loaned.
Loans are made to applicants who are unable to obtain credit from private lenders at reasonable rates and terms.
79.6%