Grants directory
Madison County USDA Section 504 Home Repair Loans & Grants
U.S. Department of Agriculture Rural Development · Federal program
Loans up to $20,000; grants up to $7,500; combined assistance up to $27,500.
USDA Rural Development’s Section 504 program helps very-low-income homeowners in eligible rural areas make repairs and remove health and safety hazards. Loans can be up to $20,000 and grants up to $7,500.
Program details
How it works
The fact sheet says this is the USDA Rural Development Section 504 Home Repair program. It provides loans to very-low-income homeowners to repair, improve, or modernize homes, and grants to elderly very-low-income homeowners to remove health and safety hazards.
What the money covers
The page says loans may be used to repair, improve, or modernize a home, or to remove health and safety hazards. Grants must be used to remove health and safety hazards.
Amounts and repayment
- Maximum loan: $20,000
- Maximum grant: $7,500
- Loans and grants can be combined for up to $27,500 in assistance.
- Loans are repayable over 20 years at a fixed 1% interest rate.
- Grants have a lifetime limit of $7,500.
- Grants must be repaid if the property is sold in less than 3 years.
- Full title service is required for loans of $7,500 or more.
How to apply
The fact sheet says applications are available year-round as long as funding is available and are processed in the order received. It directs applicants to contact a USDA home loan specialist in their area.
Timing and deadlines
There is no set deadline on the fact sheet; applications are open year-round while funding lasts.
Full eligibility details
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