PROGRAM DESCRIPTION: Low interest
home improvement loans and grants, designed for very low-income
individuals (50% or less of county median income).
TYPE OF ASSISTANCE: Funds can be used for making basic repairs,
installing essential features or to remove health and safety hazards.
ELIGIBILITY REQUIREMENTS: Must be a rural resident or living in
a town of up to 20,000 population, have a reasonable credit history, own
inadequate (but repairable) housing, have a very-low adjusted income, and
unable to obtain credit elsewhere. To qualify for grant funds, must be 62
years or older and be unable to repay a loan.
FUND AVAILABILITY AND MAXIMUM AMOUNTS: Funding is based upon an
annual appropriation. The maximum loan limit at one time is $20,000. The
lifetime grant maximum is $7,500.
INTEREST RATE: Interest rate is 1% APR on loans.
TERMS: Loan repayment is based on repayment ability but cannot
exceed 20 years. A three-year grant agreement is required.
COLLATERAL: A mortgage is taken when the loan is $7,500 or more.
FEES: None.
CREDIT REQUIREMENTS: Reasonable credit history.
CONTACT: Applications are made at Rural Development Local
Offices.
Minnesota
