Home Repair Funds Available To Rural Low Income Households

Palmer, Alaska, December 5, 2007) Alaska USDA Rural Development has attractive home improvement loan funds available to qualified rural low-income homeowners. According to Chad Padgett, acting State Director, “Our agency can assist with such repairs as installing or repairing septic systems, drilling wells, installing new doors or windows, roof replacement or repair, installing or repairing electrical or plumbing systems, bathroom installation, foundation repair and making homes accessible for handicapped individuals.” Further, “Rural Development loan funds can also help pay for replacement of an aging, inefficient furnace with a more energy-efficient one,” said Padgett.
USDA Rural Development makes funds available through loans at 1% interest amortized over 10 or 20 years. To be eligible for this program, applicants must own and occupy the home in need of repairs, have steady income, adequate credit, and meet the following very low income limits.
Family Size and Income Limit:
1 - 27,450
2 - 31,350
3 - 35,300
4 - 39,200
5 - 42,350
6 - 45,500
7 - 48,650
8 - 51,750

In addition to Rural Development’s loan program, the agency has home repair grant funds available to low-income applicants who are at least 62 years of age, own and occupy their homes in rural areas, and need to make safety and health-related repairs.

USDA Rural Development also has two home-purchase programs available to income-eligible applicants. They are both “zero down” programs and require little out-of-pocket expense.

For more information, call the Fairbanks office of USDA Rural Development at (907) 479-6767, Extension 4.