Need money to fix or buy a rural property? There’s USDA Rural Development money available…
This is an effort aimed at assisting households in fixing their roof, well, septic or sewer line replacements, radon mitigation and accessibility improvements. Please share with anyone who needs help fixing their residence. Some criteria for the 504 Repair Program is:
- Homeowner’s must live in an eligible rural area of Minnesota and both own and occupy the dwelling.
- The repair loan is for very-low income homeowners with a fixed 1% interest rate and 20-year term. Maximum loan is $40,000.
- Grant funds are limited to a lifetime award of up to $10,000 for very-low income elderly applicants age 62 or older. Grant eligible repairs must be health and safety related or be utilized for accessibility improvements for a disabled household member.
- Work is completed by a licensed contractor.
- Typical repairs include but are not limited to: roof, well, septic or sewer line replacements, radon mitigation and accessibility improvements.
Below are more information about the lending:
Single Family Housing Repair Loans and Grants 10062022
USDA accepting applications to help Low-income individuals and families buy or repair homes 10062022