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Outline of Need:
Thirty-eight years ago, Ernest Herrera, his wife and three children purchased a modest home at 941 Atchison for the sum of four thousand dollars. Mr. Herrera made improvements, some 20 years ago, by replacing the windows and the siding. The kids grew up and his wife passed away. Mr. Herrera saw his house slowly deteriorating. Being seventy-two years old and on a fixed income, Ernest didn't think he could afford to make any improvements.
How Rural Development Helped:
At seventy-two years of age and on a fixed income, Ernest didn't think he could afford to make any home improvements. With his son's encouragement and much prodding, Ernest called the Rural Development office in Trinidad for information regarding the Section 504 home improvement loan program. He was very interested in hearing about the 1-percent interest loans.
Lennece Saracino, Community Development Manager, determined that Mr. Herrera was preliminarily eligible for assistance, and made a visit to determine the repairs needed on his home. "We started with a wish list of everything he thought he would like to improve", stated Mrs. Saracino. All of the items that were needed fit within the 504 loan guidelines; windows replaced, electrical and plumbing upgrades, new sidewalks; carpeting and linoleum. Some of the items were crucial to his safety, such as the new heating system.
Contractors' bids were solicited for the repairs. To Mr. Herrera's disappointment, the bids exceeded the $20,000 Section 504 limit. The Community Development Manager consulted with Mr. Herrera and decided to leverage the loan with the Council of Government's 1-percent loan. She helped Mr. Herrera complete the Council of Government's application and submitted it for their approval.
The Results:
The good news is that Mr. Herrera's home is getting all of the items on his wish list completed by a very competent contractor, Cornerstone Contractors. His combined payment for loans totaling twenty eight thousand is only $116.00 a month. Mr. Herrera had no out of pocket expenses. Closing costs were included in the loan. The loans are closed and the work on his home is almost completely done.
(December 2002)
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