The house must be located in an eligible rural area which does not not exceed 10,000 population.Some places with population between 10,000 and 25,000 may be eligible if not within a Metropolital Statistical Area (MSA).
This includes repairs or replacement of heating, plumbing or electrical services, roof or basic structure as well as water and waste disposal systems, and weatherization.
Loans bear an interest rate of one percent and are repaid over a period up to 20 years.
In addition to the above purpose, loan funds may be used to modernize the dwelling.
Maximum loan amount cannot exceed a cumulative total of $20,000 to any eligible person and a maximum lifetime grant assistance is $7,500 to any eligibile person.
Loan recipients must have sufficient income to repay the loan.
Grant recipients must be 62 years of age or older and be unable to repay a loan for that part of the assistance received as a grant.
Applicant's income may not exceed the very low-income limit set forth in RD Instructions.
By Robert Longley The following is a summary of information about an assistance program or grant available to individuals or families through an agency of the U. 10.417 VERY LOW-INCOME HOUSING REPAIR LOANS AND GRANTSCATEGORY: Housing Assistance OBJECTIVESTo give very low-income rural homeowners an opportunity to make essential repairs to their homes to make them safe and to remove health hazards to the family or the community.
("CFDA No." is the program's listing number in the Catalog of Federal Domestic Assistance.)CFDA No.
TYPES OF ASSISTANCEDirect Loans; Project Grants USES AND USE RESTRICTIONSThe Very Low-Income Housing Repair program provides loans and grants to very low-income homeowners in rural areas to repair, improve, or modernize their dwellings or to remove health and safety hazards.
Grant funds are only available to homeowners aged 62 or older who cannot repay a Section 504 Loan.