🔥Funding Alert🔥
USDA Rural Development
U.S. Department of Agriculture
Single Family Housing Repair Loans & Grants - NOW OPEN 💫
What does this program do?
Also known as the Section 504 Home Repair program, this provides loans to very-low-income homeowners to repair, improve or modernize their homes or grants to elderly very-low-income homeowners to remove health and safety hazards.
Who may apply for this program?
To qualify, you must:
📍Be the homeowner and occupy the house
📍Be unable to obtain affordable credit elsewhere
📍Have a household income that does not exceed the very low limit by county
For grants, be age 62 or older
How may funds be used?
✨Loans may be used to repair, improve or modernize homes or remove health and safety hazards.
✨Grants must be used to remove health and safety hazards
How much money can I get?
💲Maximum loan is $40,000
💲Maximum grant is $10,000
💲Loans and grants can be combined for up to $50,000 in assistance
What are the terms of the loan or grant?
✅Loans are termed for 20 years
✅Loan interest rate is fixed at 1%
✅Full title service is required if the total outstanding balance on Section 504 loans is greater than $25,000
✅Grants have a lifetime limit of $10,000
✅Grants must be repaid if the property is sold in less than 3 years.
Is there a deadline to apply?
Applications for this program are accepted through your local RD office year round.
What governs this program?
The Housing Act of 1949 as amended, 7 CFR Part 3550
HB-1-3550 - Direct Single Family Housing Loans and Grants Field Office Handbook
To get started, contact GemX Grant Consulting to get more details and assistance with your application.
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