How may funds be used?
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Loans may be used to repair, improve or modernize homes or remove health and safety hazards
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Grants must be used to remove health and safety hazards
How much money can I get?
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Maximum loan is $40,000
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Maximum grant is $10,000
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Maximum grant if repairing a home damaged in a presidentially declared disaster area is $15,000
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Loans and grants can be combined for up to $50,000 in assistance or $55,000 in presidentially declared disaster areas.
What are the terms of the loan or grant?
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Loans are termed for 20 years
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Loan interest rate is fixed at 1%
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Full title service is required if the total outstanding balance on Section 504 loans is greater than $25,000
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Grants have a lifetime limit of $10,000, except in presidentially declared disaster areas in which they have a $15,000 lifetime limit.
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Grants must be repaid if the property is sold in less than 3 years
