OVERVIEW: The U.S. Department of Agriculture – Rural Development provides loans and grants to very low-income homeowners to repair, improve, or modernize their dwellings or to remove health and safety hazards. Funding can be used for projects such as removing electrical and fire hazards, replacing roofing, installing or improving water and waste-water disposal systems, and installing insulation and heating and cooling systems. Loans of up to $20,000 are available for up to 20 years at 1% interest. Grants are only available to homeowners who are 62 years old or older and cannot repay a Section 504 loan. Grants of up to $7,500 are available
TIMETABLE: Homeowner-occupants who have tried to obtain affordable credit and are very low incomes (defined as below 50% of the area median income) may apply if they are in need of home repairs.
APPLICATION PROCESS: Applications are available at your local USDA Rural Development field office.
FOR MORE INFORMATION: Please see the program’s homepage or contact your local USDA Rural Development field office.
TAGS: funding, home, low income, loans, grants, elderly