Posted: 12/26/06
Low interest loans available for home improvements
Low interest home improvement loans and grants are available through the USDA, Rural Development office for very-low income families. The market value of the applicantís property must be considered modest. (Loan limits for the following Counties: Blue Earth $171,140; Dodge $177,370; Faribault $158,050; Fillmore $172,720; Freeborn $171,020; Houston $164,720; Mower $168,040; Olmsted $179,310; and Winona $172,632.)
Grants are limited to elderly families (62 years or older) and can only be used to remove health or safety hazards or remodel dwellings to make them accessible to household members with disabilities. The maximum grant assistance is $7,500.
Loan funds can be used for making basic repairs, installing essential features or to remove health and safety hazards. The maximum loan amount is $20,000, at an interest rate of 1% with a repayment period of up to 20 years.
Funding is based on an annual appropriation.
The applicant must be a rural resident or live in a town with a population under 20,000 (Faribault and Owatonna are eligible areas as these communities are ìgrandfatheredî into the program). The applicant must also meet income guidelines, have a reasonable credit history, own the home to be repaired, and be unable to obtain credit elsewhere. This program is not available in Rochester, Austin, Mankato, La Crescent or Winona.
For assistance in the following counties: Blue Earth, Dodge, Faribault, Fillmore, Freeborn, Houston, Mower, Olmsted and Winona, contact the USDA, Rural Development office at 1408 21st Avenue NW, Suite #3, Austin, MN 55912. ( 507.437.8247, ext. 4.)
The USDA is an equal opportunity lender, provider and employer. Complaints of discrimination should be sent to: USDA, Director, Office of Civil Rights, Washington, D.C. 20250-9410.
Caledonia Argus
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Caledonia, MN 55921-0227
507/724-3475
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