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Single Family Housing Repair Loans and Grants

What does this program do?

Also known as the United States Department of Agriculture Section 504 Home Repair Program, it provides loans to very-low-income homeowners to repair, improve, or modernize their homes, or provides grants to elderly, very-low-income homeowners to remove health and safety hazards.

Who can apply for this program?

To qualify, you must:

  • Be the homeowner and occupy the home
  • Be unable to obtain affordable credit elsewhere
  • Have a family income within the very-low-income limit

What is an eligible area?

Properties must be located in an eligible rural area.

How can funds be used?

  • Loans used to repair, improve or modernize homes, or to remove health and safety hazards.
  • Grant funds are to remove health and safety hazards.

How much money can I get?

  • Maximum loan is $40,000.
  • Maximum grant is $10,000.
  • Loans and grants combined for up to $50,000 in assistance.

What are the terms of the loan or grant?

Loans amortized for 20 years. Loan interest rate fixed at 1 percent. Grants have a lifetime limit of $10,000.Grants must be repaid if the property is sold in less than three years. If applicants can repay part - but not all - of the costs, they may be offered a loan and grant combination.

How do I get started?

Contact one of our bankers at Peoples Bank & Trust to help assist you with home improvements today!

Revised 05/18/2022