Low-interest home repair loans available
PRiNCETON — U.S. Rural Development is making low-interest home repair loans available to eligible, low-income homeowners following the April 17-18 heavy rains and flooding.
On Friday, Illinois Rural Development Director Colleen Callahan announced the available funds and gave stipulations for the loans. The Rural Development program is a part of the US Department of Agriculture.
Callahan said the loan limit for an individual applicant is $20,000. The loans have a 1 percent interest rate and may be repaid over a period of up to 20 years. The Rural Development loan program allows the homeowner to make multiple repairs and keep payments affordable, she said.
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