Funds available for Home Repair Loan and Grant Program

TIYAN, Guam—Funding is available for USDA Rural Development’s Home Repair Loan and Grant Program.

The Area II Office in Guam serves Guam, the Commonwealth of the Northern Mariana Islands, Republic of Palau and the Republic of the Marshall Islands. The Area III Office in Pohnpei serves Pohnpei, Chuuk, Kosrae and Yap.

To qualify for the program, applicants must own and occupy the home and the total household income cannot exceed the “very low” income guidelines established for the Western Pacific and household size. This program may be used to remove health and safety hazards such as repairing roofs, heating and air conditioning, electrical, plumbing, water/sewer systems, windows, insulation, or to make a home handicap accessible. It can also be used to improve or modernize a home.

All loans are at a fixed 1 percent interest rate for up to 20 years. This low interest rate enables the borrower to have a reasonable monthly payment that they can afford even with their very low income. For example, a $5,000 loan at 1 percent interest for 20 years would have a monthly payment of $23 per month. There is no penalty for early payment if the borrower wishes to pay extra or pay off early.

To qualify for a grant, homeowners must be age 62 or older. Grant funding is limited and many times repairs will be funded with a combination of a loan and grant. Those interested in the program are encouraged to contact the USDA Rural Development office for specifics on all the eligibility criteria.

• For more information, visit the USDA Rural Development’s website at http://www.rurdev.usda.gov/hi or contact Joe Diego at the Area II Office, 770 East Sunset Blvd., Suite 280, Tiyan, Guam 96913; by phone at (671) 300-8560, or by e-mail at joseph.diego@pb.usda.gov.
• For Area III, you may contact Gary Bloom in Pohnpei, Jems Building, P.O. Box 396, Pohnpei, FM 96941; or via phone at (691) 320-2581, or e-mail at gary.bloom@pb.usda.gov.

President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way–strengthening America’s economy, small towns and rural communities.

USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Vilsack are committed to a smarter use of federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities. (USDA)