Capito Applauds House Passage Of Rural Home Loan Bill

Statement

Rep. Shelley Moore Capito, R-W.Va., made the following statement today upon House passage of H.R. 5017, To Ensure the Availability of Loan Guarantees for Rural Homeowners, which includes a significant amendment introduced by Capito and adopted prior to House Financial Services Committee passage last week:

"Over the last month, I, along with Rep. Kanjorski, have worked on legislation that would ensure the continuation of the U.S. Department of Agriculture 502 loan guarantee program. I'm pleased to see our bipartisan legislation pass the House of Representatives today.

"The 502 program is an important homeownership tool for rural Americans, including my constituents in West Virginia, and it is currently on track to run out of commitment authority by the end of April. The program has guaranteed thousands of private loans to responsible low and moderate income families while maintaining a very low default rate.

"I'm pleased that my amendment, which will give the 502 program additional loan commitment authority and make important changes to the program, was adopted into this legislation last week in Committee. These changes will make this program self-sufficient without a significant additional burden on the borrower.

"I look forward to passage of this important legislation in the Senate."

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