Des Moines, Iowa, Jun 18, 2012 -- Local homeowners are invited to a meeting from 1 p.m. to 3 p.m. on Friday, June 29th at the Albia Area Chamber of Commerce, 18 South Main Street, Albia, to learn more about home repair loan and grants from USDA Rural Development and the Chariton Valley Regional Housing Trust Fund (CVRHTF).
USDA Rural Development offers home repair loans with a fixed interest rate of one percent and typically may be repaid over a term of 20 years. Grants are also available to help qualifying applicants, who are 62 or older, remove health and safety hazards or to make the home accessible for a disabled family member.
“These loans and grants help eligible families make needed repairs that they otherwise couldn't afford,” said Bill Menner, USDA Rural Development State Director in Iowa. Through this program a family can get a $3,000 loan that has a monthly payment as low as $13.80.”
CVRHTF staff will be promoting their program which also offers financial loan and grant assistance to low and moderate income homeowners in Appanoose, Lucas, Monroe or Wayne Counties to make necessary and needed improvements to their homes. The maximum assistance for a grant or loan through CVRHTF is $5,000 per household.
Repairs eligible for assistance through both programs include such things as roofs, windows, siding, handicapped accessibility, electrical upgrades, insulation, furnace replacements, painting, demolition, plumbing repairs, porch removal or repair, septic tank/sewer improvements, hot water heater replacement. Mobile and manufactured homes are not eligible for the CVRHTF programs.
To qualify for USDA Rural Development home repair loan or grant assistance the household income must fall under income limits for the county and household size. For most counties, a one-person household must have an adjusted income of $20,800 or less, and a two-person household must have an adjusted income of $23,750 or less. Income limits vary from county to county and increase for larger household sizes.
Along with loans and grants to repair homes, USDA Rural Development has two low-interest, no-down-payment loan programs to help eligible families purchase new homes.
For both programs eligible homes must be located in a community of 20,000 persons or less. The home can be existing or new construction. Existing homes must be structurally sound. Also, the property cannot have any income-producing outbuildings.
In most cases, a family of four with an adjusted annual income of up to $74,750 may qualify for the guaranteed home loan program. If that same family's adjusted annual income is less than $47,450 they may also qualify for a direct loan.
USDA Rural Development’s guarantee loan program is administered by a local lender who takes the application, processes it and determines the acceptability of the home to be financed. Under the direct loan program an applicant may be eligible for payment assistance, which would subsidize the interest portion of the house payment down to as low as 1 percent, lowering the overall monthly payment.
The CVRHTF is funded by a combination of public and private contributions with the goal of improving the safety, livability, and appearance of single family housing for low and moderate income individuals/families living in the four county area. Eligibility to determine whether or loan or grant may be offered is income-driven. Program Manager Jennifer Appler has recently announced that, along with general home improvements, grants and loans for painting homes are now available in all four counties.
“June is National Homeownership Month,” Menner added. “This is a great time to buy a home, especially in rural Iowa. Interest rates are at or near record lows, and housing prices are more affordable than they’ve been in nearly a generation. Give us a call today.”
Contact USDA Rural Development
Residents in south central Iowa are served by the USDA Rural Development office in Albia.
For more information about housing programs through USDA Rural Development, please call Jake Scott or Virginia Stewart at (641) 932-3031. You can also visit with them in the office between 8 a.m. to 4:30 p.m. at 1709 S. B St. in Albia.
The Albia office serves residents Appanoose, Davis, Jasper, Lucas, Mahaska, Marion, Monroe, Poweshiek, Wapello and Wayne Counties. Further information on programs available through USDA Rural Development is available by visiting the agency’s web site at www.rurdev.usda.gov/ia.
Contact Chariton Valley Regional Housing Trust Fund
For more information about housing programs through Chariton Valley Regional Housing Trust Fund, please call Jennifer Appler or Patti Lind at (641) 856-2173 or toll free at 888-222- 8943. You can also visit with them in the office between 8 a.m. to 4:30 p.m. at 307 N. 13th Street, Suite 500 in Centerville, Iowa.
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