A representative from the United States Department of Agriculture’s Rural Development informed the Winona Board of Aldermen about three programs that could help low income residents improve or purchase a home through grants or low-interest loans.
Sandra Jones introduced the board to the 504 Rural Housing Home Repair Grant, a program which serves the lowest income households for those 62 years old or older. The grants are for $7,500 each and are to be used to make health and safety repairs to homes.
Jones said those whom qualify for the Home Repair Grant will also qualify for the 504 Home Loan program. However, there is no age limit to qualify for the 504 Home Loan program.
“This is a low interest loan, with a one percent interest rate, where the homeowner can borrow up to $20,000,” Jones said. “Someone could qualify for both the grant and the loan and get up to $27,000.”
Jones also informed the board about the Rural Home Loan program – a program that assists low income applicants purchase housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The loans are low-interest, with rates as low as one percent.
Jones said if anyone is interested in getting more information about the Rural Development home grant and loan programs, they can call 283-2443 and request a packet of information.
