For many rural homeowners on a fixed income, a leaking roof or a failing furnace is more than an inconvenience, it can be life altering. The USDA Rural Development Home Repair Program can help with these situations and provide a critical lifeline for homeowners through low-interest loans and grants to modernize homes and remove health and safety hazards.
The program is specifically tailored for those who own and occupy a single-family home in an eligible rural area. Applicants must have a “very low” household income, generally defined as below 50% of the area’s median income and be unable to obtain affordable credit elsewhere. Homeowners age 62 or older are eligible for the grant portion of the program, provided they cannot afford to repay a loan.
Program terms for financial assistance:
- Loans: Homeowners can borrow up to $40,000 for repairs, improvements, or modernization. These loans feature a fixed one percent interest rate with a 20-year repayment term.
- Grants: Seniors can receive up to $10,000 specifically to remove health and safety hazards or to improve accessibility (such as adding wheelchair ramps or walk-in tubs).
- Combined Funding: Eligible seniors may combine a loan and grant for a total of up to $50,000 in assistance.
The impact of this program is visible across the country. In Colorado, Rural Development funding recently helped homeowners to replace a leaking roof, install a new furnace, upgrade windows, and replace a failing sewer/septic system.
To find out more information on this program contact the USDA Rural Development Housing Program team in Colorado at codirinquiries@usda.gov or by phone at 719-414-6039 or 970-399-8199.
USDA Rural Development invests in rural America with programs to promote rural prosperity. These programs expand access to high-speed internet, electricity, and infrastructure, and support economic growth, healthcare, education, housing and other community essentials. Discover more investment details and historical data in the Rural Data Gateway and learn more about the agency at www.rd.usda.gov/co.