The National Association of Realtors (NAR) has called on the Senate to immediately approve a legislation aimed at extending government aid to home buyers in rural areas. The bill, which was unanimously approved by the House Financial Services Committee, seeks to help rural home buyers get continued access to affordable mortgages through the Department of Agriculture’s loan guarantee program.

Under the existing program due to expire on Friday, lenders are required to pay mandatory fees to finance a mortgage program for rural housing. NAR President Vicki Cox Golder said the program is crucial to the housing market’s recovery. “Fast passage is critical to our nation’s rural citizens, and needs immediate congressional attention. The Senate’s failure to act in a timely manner would create a gap in the home buying process and unnecessarily burden poor families in rural areas,” she said.

Golder added that many rural home buyers will be “left out in the cold” if the Senate fails to approve the legislation. “Increasing the commitment authority will assist rural families, support local housing markets, create jobs and generate new tax revenues,” she stressed.

The program is set to use up all its federal funding within days as demand for affordable mortgages continues to grow due to the financial crisis. Reports said the number of loans made on the program has tripled since 2006.

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