JACKSON, Tenn., Nov 15, 2010 -- Older homeowners in southwest Tennessee will be soon be eligible for help making needed repairs thanks to a partnership between the Southwest Tennessee Development District (SWTDD) and Rural Development (RD).
Rural Development Area Director Arlisa Armstrong today joined SWTDD Executive Director Joe Barker to announce the $100,000 grant from RD that will be combined with an additional $200,000 received from the Tennessee Housing and Development Authority (THDA). Funds will be used to provide grants of up to $15,000 for income-eligible seniors in Decatur, Hardin, Henderson and McNairy Counties.
According to local Historic Preservationist Renee Tavares, "The $300,000 investment will help at least 20 elderly homeowners repair or replace roofs, electrical, septic and plumbing systems, heating and air conditioning units as well as make needed safety and structural repairs to their homes."
Others participating in the event included Sen. Lamar Alexander's representative Matt Varino, SWTNDD District Director Joe Barker and RD Area Specialist Kathy Brantley and Area Technician Vernice Williams.
Homeowners looking to alleviate unsafe conditions, make repairs, or add needed space may also be eligible for a very low-interest RD home-repair loan. The interest rate on these loans is fixed at one-percent and payments may be spread over as much as 20 years to keep the monthly payments affordable for those on a fixed income.
Rural Development home loans may be made without a down payment and eligible applicants may qualify for financing up to 100 percent of the appraised value. Depending on an applicant’s income, monthly payments may be based on an interest rate as low as one percent. Loans are typically made for 33 years at a fixed interest rate with varying maximum loan amounts depending on the area.
USDA Rural Development invests in jobs, infrastructure, homeownership and affordable rental housing in rural communities. With supplemental funding through the Recovery Act, the agency assisted more than 1.5 million Tennessee families and businesses with more than $1.3 billion in financial assistance through affordable loans, loan guarantees and grants. More than 86 percent of these investments will be paid back with interest. The rest is at work creating jobs, broadening the local tax base and increasing opportunities in education, training, healthcare and public safety.
For more information on the meeting or USDA Rural Development programs available in southwest Tenn. contact the Rural Development Area Office in Jackson at 731-668-2091, ext. 2, toll free at 1-800-342-3149 ext. 1495 or visit us online at ㋰§Ⓦ〣" www.rurdev.usda.gov/tn.
USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write USDA,
Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410,
or call (800) 795-3272 TDD (615) 783-1397.