This program covers both major and minor home repairs. It is offered as a supplement to existing funding. Funds may be obtained to compliment a project for completion. There are two different programs, a grant and a loan. The maximum amount allotted for materials with the grant is $7500 and there is no lien placed on the home. The maximum amount allotted for materials with the loan is $20,000. This is a 1% interest loan over 20 years and a lien is placed on the home.
Description - Repair Loans
The 504 Loan program assists eligible very low-income applicants who are owner/occupants of a modest single family home in a rural area to make repairs to their dwelling. Loan funds are available to improve or modernize a home, or remove health and safety hazards.