Indiana’s snow and cold can really take a toll on homes, especially older ones with aging roofs, siding, or windows.
With good weather on the horizon, for those living in homes in need of essential repairs this summer, 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 Indiana homeowners.
Grants are available to help applicants who are 62 or older, and who cannot repay a loan, to remove health and safety hazards or to make the home accessible for a disabled member of the household.
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 applicant 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.
Last year, USDA Rural Development reinvested over $642 million back into Indiana rural communities through housing assistance. This home repair loan and grant program assisted 179 households in 2015 with much needed repairs for owners who otherwise could not find credit to make their homes safe and sound.
“For more information, please contact USDA Rural Development at www.rd.usda.gov/in or call your Area Office.