BUENA VISTA TOWNSHIP ARTICLES

FROM THE CUMBERLAND NEWS

September 2001

Loan and Grant programs available for homeowners

 There are several programs available with the United States Department of Agriculture – Rural Development that offer low income households an opportunity to upgrade their homes.

 Of particular interest would be the 504 Loan and Grant Program which is a one percent / 20 year loan and can be utilized by families with very low incomes.  It can be used to do essential repairs and remove health and safety hazards.  Also, it can be utilized to make handicap access modifications to a home so that the owner can continue to live there and maintain an independent lifestyle.

 Senior citizens who do not have full repayment ability for a loan may receive a partial grant up to $ 7,500.  The maximum loan amount is $ 20,000 and if a loan of less than $ 7,500 is needed, a mortgage is not required.  The grant requires a written grant agreement that in the event the family ceases to live in the home or sells the home within three years of receiving the grant, the grant must then be repaid.  After three years the grant agreement expires. 

 In addition to these programs, there are many other opportunities available.  Further questions concerning these programs can be directed to:  USDA Rural Development, Rural Housing Service, Vineland local office, 1317 South Main Road, Building 3, Suite A, Vineland, NJ 08360 or you may contact: 

(856) 205 – 1225.