Home repair funding available!

USDA Rural Development sent this bulletin at 09/23/2024 08:02 AM EDT

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USDA Rural Development - Together, America Prospers

STAKEHOLDER ANNOUNCEMENT

USDA Seeks Applications for Section 504 Home Repair Program

September 23, 2024

It might not feel like it with the recent beautiful weather, but winter will be here before we know it! USDA Rural Development (RD) is accepting applications for the Section 504 Home Repair loan program!

RD's Section 504 program provides loans to very-low-income homeowners to repair, improve, or modernize their homes, or provides grants to elderly, very-low-income homeowners to remove health and safety hazards.

Benefits of the Section 504 Home Repair loan program are:

Income limits apply.
The Section 504 Repair Loan interest rate is 1% and the maximum loan amount is $40,000 (maximum Section 504 indebtedness is $40,000).
- Funds can be used to modernize a home through the loan program or remove health and safety hazards.
Closing agents are not required to close the loan unless the total outstanding balance on Section 504 loans is greater than $25,000. A mortgage is required when the total Section 504 loan indebtedness is $7,500 or more.
Work is completed by a licensed contractor of the applicant’s choice.
Adequate value is required.
Additional information can be found on the Minnesota Rural Development website.

Homeowners closer to larger communities, are encouraged to visit the Eligibility Mapping tool to ensure that your home is in an rural/eligible area.

USDA is an equal opportunity provider, employer and lender.

Contact

Dana Rauschnot, Single Family Housing Program Director
dana.rauschnot@usda.gov

STAY CONNECTED:

USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write: USDA, Office of the Assistant Secretary for Civil Rights, Office of Adjudication, 1400 Independence Ave., SW, Washington, DC 20250-9410 or call (866) 632-9992 (Toll-free Customer Service), (800) 877-8339 (Local or Federal relay), (866) 377-8642 (Relay voice users).

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