If you are a homeowner, you will find – through time – that the structure calls for certain repairs and replacements. Typically, this is not an issue; however, if you are considered to be low-income, you will find that it is challenging to keep up on the maintenance, repairs, and replacements that become necessary during your tenure in your home.
The good news is, Georgia has a special program called the 504 Home Repair Program that may assist you in the repair, improvement, or modernization of your home. Continue reading to learn more.
What is the Section 504 Home Repair Program?
The Section 504 Home Repair Program gives loans out to homeowners that are considered to be “very low income” in order to do repairs, improvements, or to modernize their homes. This program also provides grants elderly homeowners that are considered to be “very low income” in order to eliminate health and/or safety hazards within their homes.
Who May Apply?
To qualify for this program and to apply, you must meet the following:
- You must own the home and currently occupy the structure
- You must not be able to take out credit that is affordable anywhere else
- The household income must not exceed the county-based “very low limit”
- If you are applying for a grant, you must be at least 62 years of age
How Much Money is Given?
The maximum loan amount is a total of $40,000. The maximum grant amount is a total of $10,000. In addition to this, loans and grants may be combined. In this instance, the total will not exceed $50,000. The loan is termed at 20 years and the fixed interest rate is 1%. In one lifetime, only a $10,000 grant may be issued. If the property is sold in a period of 3 years or less, the grant must be repaid. A full title service will be required if the outstanding balance on a loan given under the program exceeds a total of $25,000.
Who Do I Contact to Get Started?
The program is governed by the Housing Act of 1949 and the Direct Single Family Handbook on Loans and Grants by the USDA Rural Development Agency. To get started and to learn more about the program, you may contact a USDA Home Loan specialist that works in your area. You may apply all year long and the approval time is based on the funding that is available within your area. Your local Rural Development office will accept your application.
Let Us Help
We here at Southern Industries Home Improvements specialize in a wide array of home improvement projects. These include replacement windows, gutter systems, siding, baths, and more. If you need repairs, improvements, and other issues in the home to be addressed and completed, contact us today. If you are approved for this program when you apply, you may utilize those funds to cover any expenses incurred. When you call, be sure to inquire about our low-installation special. Call us at (833) 240-4900