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Historical funding: Maximum loan of $40,000; maximum grant of $10,000 (up to $15,000 in presidentially declared disaster areas). Loans and grants can be combined for up to $50,000 in assistance or $55,000 in presidentially declared disaster areas.
Prior eligibility: Applicants must be the homeowner and occupy the house, be unable to obtain affordable credit elsewhere, and have a household income that does not exceed the very low-income limit by county.
Single Family Housing Repair Loans & Grants in New Jersey (Section 504 Home Repair program) is sponsored by USDA Rural Development. This program provides loans to very-low-income homeowners to repair, improve, or modernize their homes or grants to elderly very-low-income homeowners to remove health and safety hazards. Loans are at a fixed 1% interest rate for 20 years.