Thursday, Feb 24 2011 5:31PM
Rural homeowners may be eligible for a federal loan or grant toward home improvements.
Low-income homeowners in rural areas may qualify for a federal loan or grant to make any critical repairs needed to their residences.
Available through the U.S. Department of Agriculture's (USDA) Office of Rural Development, low-interest home loans and a limited amount of grant money will be available to homeowners in rural communities with populations of 25,000 or less. The program is primarily aimed at assisting people in need of housing assistance who are 62 or older and need to replace necessary items such as a furnace or plumbing. Those with mobility problems who are in need of disability access, like an entrance ramp, also qualify.
The USDA is offering 20-year home repair loans up to $20,000 at a fixed rate of 1 percent, while the grant funding will be limited to $7,500 per household. However, those who are in need of large-scale home renovations may apply for a combination of a home loan and grant.
According to the USDA, the elderly population in rural communities across the country continues to grow, a trend that is expected to increase even more as the baby boomer generation ages.