Contents

Summary 1

Identifying Rural Areas in the United States 1

Characteristics of Rural Counties 2

Demographic Characteristics 2

Rates of Homeownership 3

Types of Residence 3

Housing Costs 4

Cost Burden of Housing 4

Mortgages 6

Home Values 6

Federal Credit Programs That Support Homeowners in Rural Areas 6

Section 502 Guaranteed Loan Program 7

Other RHS Programs 7

Other Federal and Conventional Loan Programs 7

Federal Credit Programs That Support Renters in Rural Areas 8

Section 538 Guaranteed Rural Rental Housing Program 8

Section 515 Rural Rental Housing Direct Loan Program 8

Other Federal Programs for Renters 8

Secondary Market Support for Rural Housing Finance 9

Ginnie Mae 9

Farmer Mac 9

Fannie Mae and Freddie Mac 9

Other Federal Programs That Support Rural Communities 10

Budgetary Effects of Federal Credit Programs for Rural Housing 10

FCRA and Fair Value Estimates 11

Lifetime Budgetary Effects of Assistance Administered by RHS 12

Lifetime Budgetary Effects of Assistance Administered by Other Entities 13

Combined Lifetime Budgetary Effects 13

Sensitivity Analysis of the Budgetary Effects of Federal Credit Programs for Rural Housing 14

List of Tables and Figures 16

About This Document 17