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 10,000 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 low interest 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% A.P.R. on loans.
TERMS: Up to 20 years.
COLLATERAL: A mortgage is taken when the loan is $7,500 or more.
FEES: None.
CREDIT REQUIREMENTS: Reasonable credit history.
For assistance, please contact the Area Office which serves the area you are interested in, or Mel Ellis, Program Director. Mr. Ellis can be reached at 919-873-2060 or by email:mel.ellis@nc.usda.gov.
Please send any comments or suggestions to:
Rdwebmaster@usda.gov
Revised on: June 22, 2004