HONOLULU (USDA) — USDA Rural Development has a program available to assist homeowners with repairs, and many rural households on Oahu have already benefited from this assistance.
Funds have been provided for items such as roof repair or replacement, the cost of connecting to a public sewer system, bathroom and kitchen repairs, and a variety of other renovations.
Further information is available at http://www.rurdev.usda.gov.
For low-income families or individuals, USDA Rural Development makes loans at an interest rate of 1 percent for repairs, to improve or modernize a home, make the home safer or more sanitary, and/or to remove health hazards.
Repairs to homes under the loan program can include new carpet, vinyl siding and other remodeling-type improvements.
The maximum loan amount for this program is $20,000 with a repayment term not to exceed 20 years.
These loans are limited to households whose income falls below 50 percent of the area’s median income.
For example, a family of four can have an adjusted household income up to approximately $35,650 on Oahu to qualify for this program.
For applicants 62 years of age or older who have a low income and do not have repayment ability for a loan, grants may be available.
Grant funds can be used to remove health or safety hazards or to remodel dwellings to make them accessible to household members with disabilities.
Grants have a lifetime limit of $7,500. These grants are sometimes combined with loans to increase the amount available for repairs.
The most common types of repairs financed by this program include fixing or replacing roofs, modernizing wiring systems, building wheelchair ramps and making bathrooms more accessible to persons with disabilities.
According to Lorraine P. Shin, USDA Rural Development’s Hawaii state director, “The delivery of our housing programs in Hawaii and the Western Pacific is consistent with USDA Rural Development’s commitment to improving the quality of life for low-income persons in rural areas — one homeowner, one rural community at a time.”
To be eligible for assistance through these programs, applicants must meet income limits, be unable to obtain the requested assistance through other sources, have adequate repayment ability in situations involving a loan request, have an acceptable credit history and have the legal capacity to incur the obligation.
USDA Rural Development’s mission is to increase economic opportunity and improve the quality of life in rural communities.
As a venture capital entity, Rural Development has invested over $72 billion since the beginning of the Bush administration.
These investments provide equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure.
Over 1.2 million jobs have been created or saved through these investments.