Rural rehabilitation loans are available
MARIETTA – The United States Department of Agriculture, Rural Development is accepting applications for Fiscal Year 2012 funding. The 504 Rehabilitation Loan and Grant Program helps rural residents with home repairs.
Eligible homeowners can obtain home repair loans of up to $20,000. The loans can be used to modernize the home or to remove health or safety hazards. The interest rate is one (1) percent with terms up to 20 years.
“The loans are intended to help those people who lack the personal resources to make the repairs themselves and who cannot find assistance from other sources,” said USDA Rural Development Area Director Mike Rutherford. “Many of our applicants are elderly, and especially during winter we want to make sure the public knows we are here to help them.”
In addition, grant funds can be used by rural residents who are at least 62 years old and cannot show repayment for a repair loan. These funds are limited and can only be used to remove safety or health hazards.
In all cases, the applicant must meet requirements of the program, including income limits, which vary according to family size and county of residence. Homes must be located in eligible rural areas.
Other permissible purposes of the loan program include installation or repair of sanitary water and waste disposal units, insulation, exterior and storm doors, windows, siding, roofs, gutter systems, electrical upgrades, plumbing upgrades, kitchen/bath cabinets, subflooring, floor covering, painting, and accessibility modifications for the disabled.
For more information on the program or to request an application, contact the Marietta Area Office at (740) 373-7113, Extension 200 or view our website at www.rurdev.usda.gov.