Alabama is offering up to $40,000 in low-interest loans and $10,000 in grants to eligible homeowners as part of the Section 504 Home Repair program.
$50,000 Assistance From Section 504 Home Repair Program; Here’s What You Need To Know| Robin Reality
The Section 504 Home Repair program aims to assist low-income and elderly residents who have difficulty getting credit in making necessary repairs to their homes.
The loaned funds from the Section 504 Home Repair program can be used for home repairs, improvements, modernization, or removal of health and safety hazards.
The Section 504 Home Repair program grant money must specifically be used for removing health and safety hazards.
ALSO READ|Lottery Winner Scam: Crooks Poses As Lottery Winners And Donating Their ‘Winnings’
The Section 504 Home Repair program eligibility varies by county, with the grant specifically available to homeowners aged 62 and above.
To qualify for the Section 504 Home Repair program, applicants must be homeowners and occupy the house, be unable to obtain affordable credit elsewhere, and have a household income that does not exceed the very low limit by county, according to USDA.
The Section 504 Home Repair program Loans have a fixed interest rate of 1% and a term of 20 years. Grants have a lifetime limit of $10,000 and must be repaid if the property is sold within 3 years.
The Section 504 Home Repair program applications are accepted year-round through local RD offices. Approval times depend on funding availability of the Section 504 Home Repair program.
Interested Section 504 Home Repair program applicants should contact a USDA home loan specialist in their area, USDA added.
