The government acknowledges the importance of having a home that is safe, a reason why there are programs that have been made to assist people with the renovations of their home. These are available be on both local and federal government grants.
HUD 203K Loans
For people who are paying a mortgage on a property that is being renovated, the United States of Housing and Urban Development has a program wherein you can get a loan through the HUD 203K loans. These loans which have been approved by the Federal Housing Administration will be availed from a financial institution. There are a number of things where you can make use of this loan such as improving the structure of your house, add rooms or paint to your home. Accordingly, you can also make use of this loan in case you have to move to another dwelling.
Weatherization Assistance Program
In case you are looking for a grant to make energy-efficient repairs and upgrades, this Weatherization Assistance Program is something that could address your concerns. The grant includes attic insulation, caulking and heating and cooling system repairs. This program can give grants to low-income individuals and families and in order to qualify for this program, you have to meet the income requirements that have been set by Low-Income Energy Assistance Program.
Rural Repair and Rehabilitation
For those who cannot afford a home repair, they can also ask assistance from the United States Department of Agriculture. This program offers both grants and loans. In this program, you can use a loan and grant for plumbing, electrical and roof repairs and the like. However, local municipalities may put on some restrictions where you can make use of the loan or grant that was given.
In order to be eligible for this program, an application has to be made. People who are under this program may receive a loan of up to $20,000 and a grant of up to $7,500. However, only those who are over the age of 62 are eligible to receive the grants. There requirements for one to receive the loan are, you should be a United States citizen or permanently residing therein, and earn a very low income. An income is considered very low if it is less than 50% of the median income within your place. To qualify for this loan it is also required that you are living in a rural area.
In case you were able to have a grant, there is no need for you to pay it back. However, you have to pay back the grant if it happens that you sold the property given within three years. You have to remember that there a grant and land can also be given if you are over the age of 62, which means to say that you can get up to a total assistance of $27,500.
The interest rates that are added on the loans are a lower than the ones that are usually given, in fact, you can acquire a loan with an interest rate as low as 1% and a loan with a 20-year term can also be granted.
To apply for this program, there are two ways. Either you visit the State’s Rural Development Office or apply online. When you apply for the program an additional information about it would also be provided to you.
Mobile Home Rehabilitation
This program is specifically given for those who live in mobile homes. Some of the ways where you can make use of your mobile home rehabilitation grant are for roof repairs, plumbing repairs, and electrical repairs. In order to be further informed about the mobile home rehabilitation.
Historical House Grants
This grant is given to those who are residing in a historic house. To find out if your house is qualified, you can visit the local historical society. Before accepting the funds, it is important that you make sure to inquire about any stipulations as some states will not allow you to use the funds for renovations of the outside of your home.
Tax rebates unlike the above mentioned, are not grants, but you can make use of it for home renovations. There are state and federal tax rebates which are available which you can check out. The cash that would be given under this can be used to make energy efficient home improvements. An example of which is that you can use the grant to replace an outdated air conditioner or install new windows. This amount extended under this program can also be used to make outdoor improvements such as replacing grass with pebbles.