PROGRAM OBJECTIVES:
The Section 504 Home Repair program provides loans to very-low-income homeowners to repair, improve, or modernize their homes or grants to elderly ver-low-income homeowners to remove health and safety hazards.
QUALIFICATIONS TO APPLY FOR A 504 LOAN:
- Must own & live in your home (for manufactured homes, must also have ownership in the land that the dwelling occupies)
- Gross Income must be below 50% of the county median income (contact RD office to get the current limits)
- Must have acceptable credit history, and unable to obtain credit elsewhere
- Must have repayment ability
- Must possess legal capacity to incur the loan obligation
- Must be a US Citizen or a legal resident alien
QUALIFICATIONS TO APPLY FOR A 504 GRANT:
- Must own & live in your home (for manufactured homes, must also have ownership in the land that the dwelling occupies)
- Must be at least 62 years of age
- Gross Income must be below 50% of the county median income (contact RD office to get the current limits)
- Must be incapable of repaying a 504 Loan
- Must be a US Citizen or a legal resident alien
LOAN/GRANT PURPOSES:
Loans may be used to repair, improve, or modernize homes or remove health and safety hazards. Grants are limited to the removal of health and safety hazards. All 504 Loans are at a fixed 1% interest rate. Term is determined on the borrowers ability to repay, but not to exceed 20 years.
For more information regarding the 504 Loan/Grant Program please contact the Dodge City/Ford County Development Corporation at (620) 227-9501