Many Alabamians Now Eligible for Up to 50k For Home Repairs
Times are tough, and prices are escalating, but there may be relief for some Alabama homeowners.
As reported by The-Sun.com, the state is now offering low-interest loans for up to $40,000 for home repairs. For certain homeowners that meet the criteria, there are grants of up to $10,000.
This opportunity is part of the Section 504 Home Repair program, an initiative to help lower-income families and those over the age of 62 who may have credit issues obtain funds for home repair.
For a homeowner to qualify for low-interest loans, their income can not exceed low limit level, which varies from county to county. Anyone who meets the low limit can apply for a loan. However, the grants are reserved for seniors who are at least 62 years of age and older.
According to the US Department of Agriculture, the purpose of the loan is so the homeowner can modernize, repair or improve their home.
The funds may also be used to remove a hazard from the property the state says. The term for the loan is 20 percent, and the rate is set at one percent no matter any rate change. Residents can check their eligibility at the Portal.
The loan program is not the only financial relief for Alabama. Per The Sun's reporting, Alabama will lower its grocery tax from four percent to three percent starting in September.