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A rural elderly homeowner; whose home needs repairs or improvements may be eligible for a loan and/or grant from Farmers Home Administration (FmHA). "i
FmHA makes loans to very low; income elderly rural residents who; are owner-occupants of homes inneed of repairs. These repairs may be needed to improve, modernize, or, remove health or safety hazards from the home. FmHA also makes grants to remove health and safety hazards. Grants are made only ta very low income elderly homeown-i ers who are 62 years of age or older.*
A very low income family can receive a loan up to $15,000. The inter* est rate would be one percent and the term would not exceed 20 years.
To receive a combination loan and grant, an applicant must be 62 years or older and able to make loan payments on only a portion of the cost of the repairs.
To receive a full grant, the home-' owner must be 62 years or older and unable to make loan payments for any repairs on the home. The maxi-' mum-amount of grant assistance is; $5,000. ;
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