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.Please contact the State Office for more details. Note: Rural homeowners in the states of California, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maine, Michigan, Mississippi, New Jersey, New Mexico, New York, North Carolina, Oregon, Pennsylvania, Puerto Rico, South Carolina, Texas, Tennessee, Virginia, Washington, and West Virginia may be eligible for higher loan or grant amounts under the Single Family Housing Section 504 Repair Pilot Program. Loans and grants can be combined for up to $27,500 in assistance.Grants must be used to remove health and safety hazards.Loans may be used to repair, improve or modernize homes or remove health and safety hazards.For grants, be age 62 or older and not be able to repay a repair loanĪpplicants may check the address of their home to determine eligibility.Have a family income below 50 percent of the area median income .Be unable to obtain affordable credit elsewhere.Additional information for these borrowers, including a standardized application package, is available at. Beginning May 17, 2021, the Agency will accept applications from existing Section 502 direct and Section 504 loan borrowers, to refinance outstanding loans which have been in an approved COVID-19 moratorium. The focus will be to refinance existing Section 502 direct and Section 504 borrowers who have received a payment moratorium related to COVID-19. Also known as the Section 504 Home Repair program, this provides 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.įor existing Section 502 direct and 504 borrowers who have received a payment moratorium related to COVID-19: The American Rescue Plan (ARP) Act of 2021 appropriated additional funds for Section 502 direct and 504 loans, to remain available until September 30, 2023.

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