Those applying for the funds must meet certain regulations to qualify for the expanded funding
ALBUQUERQUE, N.M. September 7, 2022 – U.S. Department of Agriculture State Director Patricia Dominguez announced today the department will be increasing grant funding to those areas in New Mexico receiving a presidential disaster declaration because of this summer’s forest fires.
“This funding will help offset the cost to repair homes that were damaged by wildfires that we saw ravage our state this summer,” Dominguez said. “The once in a lifetime grant will increase from $10,000 to $36,520 for those elderly low-income residents living in rural Colfax, Lincoln, Mora, San Miguel, and Valencia counties that were directly affected by the wildfires.” (Click here to see FEMA presidential declaration disaster map.)
The funding is available through Rural Development’s 504 repair grant and loan program that helps residents repair, improve, or modernize their homes or provides grants to elderly very-low-income homeowners to repair their homes.
An additional one percent loan up to $40,000 is also available to those living in rural areas of less than 20,000 residents including those affected by the forest fires.
To qualify for the 504 loan and grant funding program you must:
- Be the homeowner and occupy the house
- Be unable to obtain affordable credit elsewhere
- Have a family income below 50 percent of the area median income
- For grants, you must be 62 years old or older and not be able to repay a repair loan
For more information on the 504 housing rehabilitation program visit the New Mexico Rural Development website at: www.rd.usda.gov/nm.