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RD Rural Housing Repair and Rehabilitation Loan and Grant Programs « Back to Search Results
RD Rural Housing Repair and Rehabilitation Loan and Grant Programs

Category: Federal Incentives, Grants & Loans


AGENCY: U.S. Department of Agriculture (USDA) Rural Development (RD), Rural Housing Service (RHS)
DESCRIPTION: The Rural Housing Repair and Rehabilitation Loan and Grant Programs provide loans and grants for home repair and improvements in rural areas.
ELIGIBLE USES:
• Funding for the removal of health and safety hazards, or to repair, improve or modernize.
PROGRAM/LOAN STRUCTURE:
• Maximum Program Benefits: The maximum loan is $20,000; the maximum grant is $7,500.?• Grants are only authorized for the elderly (62 years of age or older) who are unable to repay the
loan.
• Equity: Although an official appraisal procedure is not usually done, the value of the property must be ?adequate to secure the loan.
• Term: Up to 20 years.
• Rates: 1% for loans.
• Fees: Closing cost fees may be charged on larger loans. These can be incorporated into the loan ?amount. ?
QUALIFICATION CRITERIA/COMMENTS:
• The program applies to very-low income owner-occupants who do not have enough income to qualify for Section 502 assistance (RD Rural Housing Insured Loan). The maximum adjusted income for eligibility is 50% of area median income.
• Loan applicants must demonstrate the ability to repay the loan.
• Loan and grant applicants must own and occupy the property that needs repairs.
• For more information, visit http://www.rurdev.usda.gov/rhs/sfh/brief_repairloan.htm or the ?Rural Development Homepage: http://www.rurdev.usda.gov/rbs/index.html.


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Greater Gallup Economic Development Corporation | 102 W. Hill Avenue, PO Box 1795 | Gallup, NM  87301
Phone (505) 722-2980 | Fax (505) 722-2987