Grants, loans can help with homes
Staff writer
If a senior’s home is in need of repair, but the homeowner cannot afford to get the work done, a Rural Development program could provide money to do it.
The single-family housing repair loan and grant program makes grants of up to $10,000 to very-low-income homeowners age 62 and older to remove health and safety hazards.
Homeowners may receive no more than $10,000 in their lifetime, and grants must be repaid if the property is sold in less than three years.
The program also gives low interest loans of up to $40,000 to very-low-income homeowners to repair, improve, or modernize their homes. Loans are for 20 years. Loans and grants can be combined for up to $50,000 in assistance.
To qualify for the grant or loan, you must:
- Be the homeowner and occupy the house.
- Be unable to obtain affordable credit elsewhere.
- Have income no more $41,350 a year for up to four people.
- Live in an eligible rural area, such as Marion County.
Full title service is required if the total outstanding balance on loans is more than $25,000.