The United States Department of Agriculture (USDA), Rural Development, 504 Home Repair Housing program provides access to financing for very low income homeowners who are unable to obtain credit elsewhere in need of repairs and home improvements to ensure health and safety or help maintain basic quality standards.
A rural owner-occupied homeowner whose house needs repairs may be eligible for a loan and/or grant. Grants are only available to homeowners who are 62 years old or older to remove health and safety hazards, and cannot repay a 504 Home Repair loan. Income and property eligibility guidelines have been established for each County in the State. To ensure your area and income is eligible, you can access the following website: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do.
Examples of what repair loans and grants may be used for include (but are not limited to) removing health and safety hazards by repairing roofs, providing sanitary water and waste disposal systems that meet local health department requirements, installing screens, windows, or insulation, replacement of heating systems, electrical wiring and repairs or modifications to make the home accessible to persons with disabilities, adding a room, remodeling a kitchen, or otherwise modernizing the home.
Loans and grants cannot be used to assist in the construction of a dwelling or make repairs to a dwelling that is in such poor condition that, with completed repairs, the dwelling continues to be a major hazard to the safety and health of its occupants.
Very Low income families can receive up to $20,000 in loan funds, with repayment terms up to 20 years, depending on their income available to repay the loan. The interest rate is 1%.
Grants of up to $7,500 (lifetime assistance) and loan/grant combinations are available to applicants who are 62 years or older.
504 Home Repair Loans and Grants are available year around as long as funding is available.
For more information visit the Rural Development Rural Repair and Rehabilitation Loans and Grants website at: http://www.rd.usda.gov/programs-services/single-family-housing-repair-loans-grants or contact one of the following:
Jessica Taylor, Area Specialist (Sheridan)
Phone: 307.672.5820 x 4
DeAnne Larrow, Area Technician (Riverton)
Phone: 307.856.7524 x 4