NEWS RELEASE
United States Department of Agriculture • Rural Development William L. Guy Federal Building • 220 East Rosser Ave. • Room 208 • Bismarck, ND 58502 Phone: (701) 530-2037 • Fax: (701) 530-2111 • TDD: (701) 530-2113 • Web: http://www.rurdev.usda.gov/
FOR IMMEDIATE RELEASE USDA HAS LOW-INTEREST HOME REPAIR LOANS AVAILABLE
DICKINSON, December 21, 2007 - The U.S. Department of Agriculture (USDA) Rural Development has low-interest (1 percent) loans available to very low income rural homeowners. Now is the time homeowners may want to evaluate the need for necessary repairs or replacement of items such as a furnace, roof, windows, siding, insulation and storm doors. Other eligible loan purposes may include electrical, plumbing, sanitary disposal systems, making a home accessible for disabled household members or modernization of a home. Applicants for the program must own and occupy the rural home in need of repair. Rural areas include those communities with a population of 20,000 or less. Eligibility for the program is based on the household's income, credit history, repayment ability and the inability to afford a conventional loan. The USDA repair loan may be made up to $20,000 at a 1 percent interest rate, with a repayment term of up to 20 years. Loans of less than $7,500 may not require a mortgage against the property. The low interest rate and extended terms of the loan makes repayment more affordable for households with limited income. For example, a $10,000 loan at 1 percent interest for 20 years would have a monthly payment of $46, compared to a conventional loan with an interest rate of 7 percent for 10 years, with a monthly payment of $116. For additional information on eligibility for the Rural Development home repair program or to obtain an application, contact Robin or Dee Dee at your local Rural Development office at 1-800688-2251 Ext. 4, 2493 4tf Ace W, Dickinson, ND 58601 or visit www.rurdev.usda.gov/nd In Fiscal Year 2007, USDA Rural Development provided over $67.9 million in loan and grant financing to North Dakota citizens. USDA Rural Development is the lead federal entity for rural economic and community development needs. It administers financial and technical assistance through a network of state Rural Development offices, various non-profit and educational institutional partners, and its national office.
Committed to the future of rural communities. “USDA is an equal opportunity provider, employer and lender.” To file a complaint of discrimination write USDA, Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, DC 20250-9410 or call (800)795-3272 (voice) or (202) 720-6382 (TDD).