The U.S. Department of Agriculture recently raised the income limits for households seeking financial assistance for needed home repairs, according to a news release.
USDA Rural Development offers affordable financing to very-low-income homeowners who hope to improve the health, safety, or efficiency of their homes through repairs or renovations through its Single Family Home Repair program.
They also provide loans to very-low-income homeowners to repair, improve or modernize their homes, or grants to elderly very-low income homeowners to remove health and safety hazards.
Loans can be repaid over 20 years at a fixed 1 percent interest rate. Examples of home improvements supported through this program include renovating bathrooms to make them handicapped accessible and installing a new well to ensure that family members have access to safe drinking water.
Rural Development expanded program eligibility by banding together the income limits for families of one to four members, and of five to eight members. With this change, the agency aims to increase the number of households served by its Home Repair program and Single Family Direct Home Loan program.
Income limits vary by program and county. The new limits come as part of a pilot program in effect until October 2017. Income limits for the Home Repair Program by county in southern Vermont are as follows:
• Bennington County: $32,350 (1-4 people), $42,750 (5-8 people).
• Windham County: $32,750 (1-4 people), $43,250 (5-8 people).
• Windsor County: $36,600 (1-4 people), $48,350 (5-8 people).