Posted on: December 4, 2017When you’re facing major home repairs, one of your first concerns is typically funding. If you don’t have immediate access to the necessary funds for your home repair, you may wonder if you’ll ever be able to tackle your home project. Fortunately, there are several options available that can help cover these types of expenses for qualifying individuals.
Is Your Family Income Below the Local Median?Low-income families have more opportunities for home repair grants than those with a higher income level. If your family income is below 50 percent of the median for your area, you may qualify for a Single Family Housing Repair Grant from the USDA. To obtain this grant, you must also be unable to get affordable credit elsewhere. The maximum grant amount is $7,500. This is also the lifetime limit for the grant program. If you take the full sum, you will not be eligible for another grant from this program. Income limits vary by location. In Santa Barbara, California, a four-person family is considered very low income if they make less than 45,000 a year. In Dothan, Alabama, that same family is considered very low income if they make less than 26,800. Check your local requirements to determine where you stand. Low income families may also be eligible for the Community Development Block Grant (CDBG) Entitlement Program. This provides grants for projects that revitalize neighborhoods. Residential rehabilitation projects fall under the scope of the grant program. All activities must meet one of the following requirements:
- Benefiting low- and moderate-income families
- Preventing or eliminating blight and slums
- Addressing urgent community development needs