USDA 502 Direct Loans are affordable, low interest loans that help low- and very low-income households obtain homeownership. Recently the USDA has entered into collaboration with certain nonprofits to help augment their existing staff capacity. The USDA 502 Packaging Demonstration is the first partnership of its kind where nonprofits have been given unprecedented access to fast-track deployment of federal funds. As a result, families receive assistance in half the time and programs are delivered at a cost savings to the taxpayer. This program has already allowed Fahe to help over 100 families.
The added bonus to the program is that participating nonprofits can earn a fee processing these loans, which can help to ease operating costs. These types of nontraditional ways of doing business can be very effective, especially in a time where critical funding of key programs is severely threatened. If a company goes under, the need still remains so it’s up to the organization to adapt and learn and look for potential partnerships in new areas, such as between the public and private sector or in new ways with the government.
We very much want to see the success of others working towards the betterment of others. Look to our blog and look to our social media channels for additional ideas for new avenues of funding.
We invite you to watch a short video created in-house to better inform about the 502 Direct Packaging program. If you enjoy it, share it. If you have any questions about how you can join or benefit from the program, please contact us today.
Our 502 Video: