|(MAY 30, 2013) USDA RURAL DEVELOPMENT LOAN AND GRANT PROGRAMS ASSIST RURAL HOMEOWNERS WITH NEEDED HOME REPAIRS|
|Large Amount of Loan Funds Available to Assist Rural Iowans|
|DES MOINES, Iowa, May 30, 2013
@@Iowa’s long winter and recent spring rains can really take a toll on homes, especially older ones with aging roofs, siding or windows.
If your house is in need of essential repairs this spring, USDA Rural Development has low-interest loans and grants available to help eligible families make needed improvements. Loans have a fixed interest rate as low as one percent and typically may be repaid over a term of 20 years. An abundant amount of loan funds is available to assist rural Iowans.
Grants are available to help applicants who are 62 or older, and who cannot repay a loan, 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.”
Examples of eligible projects include repair/replacement of storm doors, windows, steps, furnaces, water heaters or roofs. Funds can also be used for insulation, electrical, plumbing, septic and water systems, and to provide accessibility for persons with disabilities. Homes repaired with these funds must be located in communities of less than 20,000 people or in rural areas.
To be eligible for a repair loan, the family applying must own and live in the home to be repaired, lack personal resources to pay for needed repairs, have a good credit history, limited assets and have repayment ability.
To qualify for assistance 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 $20,950 or less, and a two-person household must have an adjusted income of $23,950 or less. Limits 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.
In most cases a family of four with an adjusted annual income of up to $74,050 may qualify for the agency’s guaranteed home loan program. If that same family of four’s adjusted annual income is less than $47,850 they may also qualify for a direct loan from the agency. These income limits increase in communities located near metro areas.
Homes can be existing or new construction. Existing homes must be structurally sound. Also, the property cannot have any income-producing outbuildings.
“Each year USDA Rural Development invests more than $200 million in loans and grants that provide rural Iowa residents with decent, safe and sanitary housing,” Menner said. “It’s through housing programs like this one that we work to ensure that as many rural Iowans as possible have access to adequate housing.”
Contact USDA Rural Development
USDA Rural Development has 11 offices across the state to serve the 1.7 million Iowans living in rural communities. Office locations include a State Office in Des Moines, along with Area Offices in Albia, Atlantic, Humboldt, Indianola, Iowa Falls, Le Mars, Mount Pleasant, Storm Lake, Tipton and Waverly.
For more information please call (515) 284-4663 or visit www.rurdev.usda.gov/ia.
This past year USDA Rural Development’s investment in Iowa helped create or retain more than 1,600 jobs, aided 2,400 families in buying their own homes and assisted more than 60 communities as they made improvements to their facilities, services and infrastructure.
President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities. USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Vilsack are committed to a smarter use of Federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.
USDA, through its Rural Development mission area, has a portfolio of programs designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.
USDA has made a concerted effort to deliver results for the American people, even as USDA implements sequestration – the across-the-board budget reductions mandated under terms of the Budget Control Act. USDA has already undertaken historic efforts since 2009 to save more than $828 million in taxpayer funds through targeted, common-sense budget reductions. These reductions have put USDA in a better position to carry out its mission, while implementing sequester budget reductions in a fair manner that causes as little disruption as possible.
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