Through the USDA’s Rural Housing and Repair Loans and Grants program, assistance can be provided to very low-income homeowners to help repair, improve and modernize homes or remove health and safety hazards from rural dwellings. Residents also have the option of obtaining a loan through hard money lenders.
North Judson Utility Superintendent Marshall Horstmann highlighted this opportunity at Monday’s town council meeting and provided members with some additional information about the terms.
He explained, “They can either get loans for up to $20,000. It’s a 20-year loan for 1 percent interest. So I figured it might help out some people around town for fixing up their homes.” Horstmann continued, “If they’re 62 or older they can go for a grant. It’s a one time grant and I think its $7,500.”
According to Benefits.gov, in order to be eligible for the program, a homeowner must be a U.S. citizen who is a permanent resident of a rural area. They also must have very low income, which for this program is defined as below 50 percent of the area median income.
To find out more, contact the local USDA Service Center at 574-772-3066 and ask to speak about the Rural Housing and Repair Loans and Grants program. For additional information click the link that appears above.
