Home improvement loans available in rural Alaska

THE DRUMS STAFF
drums@alaskanewspapers.com

June 26, 2008 at 1:48PM AKST

The United State Department of Agriculture Rural Development announced earlier this month it wants rural Alaska homeowners to apply through its agency for low-interest loans to make home improvements.

To be eligible for the program, applicants must be U.S. citizens or legal aliens. Applicants must also show they don’t have the financial capability to meet their needs and currently own or occupy a single-family home in need of repair in a rural area.

Loans are available to homeowners who meet “very low income” criteria and live outside Anchorage, Juneau, Fairbanks and other “urbanized” areas.“Often, a relatively inexpensive repair or project can make a big difference in energy efficiency in a home,” said Chad Padgett, acting USDA Rural Development state director.

Eligible projects are many. Repair loans are available for up to 20 years at 1 percent interest and loans may not exceed $20,000. A limited amount of grant funding is available for very low-income seniors age 62 and older. Grant assistance can’t exceed $7,500.

USDA Rural Development has an office in Bethel and a state office in Palmer. More information and lists of eligible projects can be found by calling 543-3858 or 761-7705 or going online to www.rurdev.usda.gov/ak/.