Section 502 Direct Loan Program
US Department Of Agriculture (USDA)
Loans for low-income residents to fund housing repair and purchasing a new home.
About the Award:
This program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability.
Example Eligible IAQ Activities:
Healthy Homes Construction, Weatherization, Insulation, Heat Source Replacement, Ventilation, HVAC Upgrade
Funding Details:
Amount of assistance allowed is dependent on adjusted family income up to 33 year payback period (38 years for very low income).
Loan
National
Typical Application Period: Rolling
Notes:
Recipients of program loans hoping to fund a project on tribal trust land are required to provide a deed of trust as a form of security for the loan. As this part of the application process can be difficult to navigate, close collaboration between loan recipients, USDA, BIA, and other involved parties is recommended.
