As heating costs continue to rise, many people are looking for cost-effective ways to stay warm. USDA Rural Development’s Section 504 Loan Program helps homeowners remove health and safety hazards and improve and modernize their homes. Uses of the loan include updating an inefficient heating system or purchasing a new central heating system, replacing or adding insulation, and replacing broken or drafty doors and windows.

The 504 Loan has interest rates at 1 percent 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.

Other uses of the 504 Loan include repairing or installing a well and septic system, replacing or repairing a roof, updating the electrical system, repairing the foundation, replacing siding, making the home handicap accessible, and multiple other repairs.

To qualify for a 504 Loan through USDA Rural Development, applicants must meet eligibility requirements. As an example, the income limits for St. Lawrence and Franklin Counties are as follows: One person: $19,400; two people: $22,150; three people: $24,900; four people: $27,650; five people: $29,900; six people: $32,100; and seven people: $34,300.

For more information, call Lucas Manning or Bonnie Murray at 386-2401, ext. 4, or visit http://www.rurdev.usda.gov/ny/.