CANTON -- The U.S. Department of Agriculture’s Rural Development program can provide loans to low-income households at one percent interest to assist those affected by the recent flood conditions …
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CANTON -- The U.S. Department of Agriculture’s Rural Development program can provide loans to low-income households at one percent interest to assist those affected by the recent flood conditions in St. Lawrence, Clinton, and Franklin Counties, according to the Canton USDA office.
They say that “recent flood victims are not without help and that the Federal Government is ready, willing, and funded to help all in need that meet the set income guidelines for the program.”
Section 504 loans are designed to assist very low income households remove health and safety hazards, improve and repair their homes. Uses of the loan can include repairs caused by the recent flooding, as well as updating an inefficient heating system, replacing or adding insulation, replacing a damaged roof, or replacing broken or drafty doors and windows.
While some damage may be covered by insurance, the unusual nature of the recent weather events have left some homeowners finding that the damage they experienced was not covered by their policy.
The 504 Loan is an affordable solution with fixed interest rates at 1% with terms up to 20 years for qualified homeowners. At these terms, a $5,000 loan could result in a $23 per month payment. A $20,000 loan could result in a $92 per month payment plus escrow for taxes and insurance. Loans under $7,500 would not require placing a mortgage on the property. There is also a possibility that a household could be eligible for a grant up to $7500.
To find out if you qualify for a 504 Loan through USDA Rural Development, homeowners can log onto http://www.rurdev.usda.gov/ny/ or contact their local USDA RD Servicing Office at 386-2401, ext. 4 and speak with Bonnie Murray or Lucas Manning.