Low interest loans are available through USDA Rural Development. Click to hear KMZU’s Mandy Young speak with Area Specialist Shauna Barnes:
Press Release from the U.S. Department of Agriculture in Chillicothe
USDA Rural Development is offering low interest home repair loans to those wanting to install storm shelters. Regulations have recently changed making storm shelters an eligible loan purpose for Rural Development’s 504 loan program. Other eligible loan purposes with this program include fixing or replacing roofs, modernizing heating and wiring systems, wheelchair ramps and making bathrooms more accessible to persons with disabilities. Applicants can also apply for funds to install insulation and storm windows or to put in a septic system.
Loans may be made up to $20,000.00 with an interest rate of 1% and a term of up to 20 years. That means the homeowner’s payments would be less than $5 per month for every $1000 of loan that they obtained. Applicants must own and occupy the home and meet income and credit guidelines.
Anyone seeking information about the Rural Development housing programs may visit www.rurdev.usda.gov, contact the local office at 1100 Morton Pkwy, Chillicothe, MO 64601 or call 660-646-6222 X4.