Ocean Pines, Md. – An upcoming review conducted by the U.S. Department of Agriculture (USDA) could result in Ocean Pines’ loss of eligibility for Rural Housing Development Program loans, and members of the Coastal Association of REALTORS® (CAR) are concerned about funding accessibility for future buyers.
Last month, the USDA Rural Development Delaware/Maryland State Office released a public notice stating the department is conducting a review of all areas under its jurisdiction to identify those that no longer qualify as rural for housing programs. This review is done every five years, according to the notice, and will utilize the 2015 American Community Survey data. Among the areas under review in Maryland is Ocean Pines in Worcester County.
“There is a real concern that removing access to USDA Rural Housing Program loans will significantly harm the Ocean Pines market,” said CAR President Joel Maher. “Not only will this harm our members’ business, it will also become a roadblock for many low- and moderate-income persons who need this program to get a mortgage. We see a lot of young families attracted to the moderately-priced single-family homes in Ocean Pines, and they need this funding source to achieve the American dream of homeownership.”
The letter sent today to the USDA from the CAR Board of Directors may be accessed online HERE. Additionally, the association has asked its over 1,000 members to submit comments on this matter. Members of the public are also encouraged to submit comments to email@example.com. All comments are due by February 28, 2018.
For more information about CAR, visit www.coastalrealtors.org.
More about Coastal Association of REALTORS®
Coastal Association of REALTORS® is the leading local advocacy group in the real estate industry on the Lower Eastern Shore of Maryland. Coastal REALTORS® works in partnership with its members to promote home ownership and preserve, protect, and advocate private property rights. The organization supports 1,000 REALTORS® who serve Somerset, Wicomico, and Worcester counties.
For more information on Coastal REALTORS®, visit www.coastalrealtors.org. The term REALTOR® is a registered collective membership mark unique to real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics.
MEDIA CONTACT: Sarah Rayne / 410-641-4409/ firstname.lastname@example.org