Housing programs available for local residents

A house is more than a roof over a family's head. It is the cornerstone to a family's ability to live near good jobs and to gain access to good schools, public services, and community benefits. USDA Rural Development, through its housing programs, is working to improve the quality of life for rural Hoosiers by ensuring that they have access to safe and well constructed affordable housing. Homeownership gives people pride, creates equity, builds stable communities, and bolsters their commitment to their community.

USDA Rural Development's Single Housing Programs are designed to help make homeownership a reality. The programs offer many options to Indiana residents, assisting them in a variety of housing needs.

Section 502 Single Family Housing Programs - The purpose of the Section 502 Direct Loan Program is to provide housing for low and very-low income residents. Applicants may obtain 100 percent financing for the purchase of an existing home, for new home construction, or for repairs to an existing home.

Section 502 Guaranteed Single Family Housing Programs - The Section 502 Guaranteed Program assists rural citizens in homeownership by providing loan guarantees to approved lenders. In this program, borrowers are not required to make a down payment toward the purchase of their home, meaning families with low to moderate incomes can obtain the dream of homeownership.

Section 504 Repair and Rehabilitation Loan and Grant Programs

Loans: These loans are funded directly by the government. They are available to very low income residents who own and occupy a home that is in need of repairs. Loan funds may be used to repair or modernize a home or to remove health and safety issues. This is a one percent loan with a 20-year payback period. The maximum loan is $20,000.

Grant: These grants are available to residents who are 62 years of age or older. The grants may be used for repairs or improvements to remove health and safety hazards or to complete repairs to make the dwelling accessible for people with disabilities. The maximum grant amount is $7,500 and may be combined with a Repair and Rehabilitation Loan.

Single family home loans, rural rental housing, water and waste water facility funding, business and industry loans, and community facility loans and grants are financial resources available from USDA Rural Development. To find out more, contact the USDA Rural Development Versailles Local Office, 1981 South Industrial Park, Suite 4, Versailles. Call 812-689-6410, Ext. 4, or visit the website at www.rurdev.usda.gov.