Natural Disaster Loans And Grants For Rural Housing
One of the prestigious financial programs offered by the federal government is the natural disaster loans and grants program. This program was introduced for the purpose of providing financial assistance to home owners who belong to the low income group. Through this program, home owners can replace, renovate or repair their property that has got damaged during a natural disaster. These loans are generally available in counties that have been declared by Federal Emergency Management Agency (FEMA) as eligible for financial assistance under an emergency declaration by The President.
In order to be eligible for this program, the applicant must be a citizen of U.S. or a permanent resident dwelling in a rural area. Apart from this, the applicant must be residing in a region that has been declared as emergency region through a presidential declaration. The applicant must be the owner of the property in a rural area and be able to prove that the physical damage to the property was due to a natural disaster. Applicants applying for a loan under this program must belong to the low income group. They must be able to show proof of their repayment capability. A maximum amount of $20,000 can be availed as a loan at an affordable interest rate of 1 percent. The term period of the loan can be extended up to 20 years
Apart from loans, grants are also provided. Applicants applying for a grant must strictly be more than 62 years old. These grants are provided to such senior citizens who are not in a position to repay any loans. Under this program, around $7,500 can be availed as grants.
More Articles :
|
