A greater number of Puerto Ricans will be able to qualify, from now on, for the Single Family Housing program of the federal Department of Agriculture (USDA), since the agency has increased the limits by at least 43% income to be eligible.
This was announced by Maximiliano J. Trujillo-Ortega, state director for Puerto Rico of the Rural Development program, attached to the USDA. The official indicated that the agency will implement a new income table for the Single Family Housing Program.
“USDA has made an important change, simplifying the way to apply to our Housing Programs”said Trujillo-Ortega.
Although you would think that USDA programs are only available to people linked to the world of agriculture, the federal agency invests in infrastructure such as water, broadband and also helps people who live in rural areas to have their own home.
Trujillo Ortega explained that the new income limits will allow a family of one to four people, with a combined annual income of $39,550, to apply for direct financing or participate in the various housing programs from the agency.
Likewise, they may families, consisting of between five and eight people, who have a combined income of $52,200 per year.
“Owning your own home has been out of reach for many working Puerto Rican families”said Joaquín Altoro, administrator of the USDA Rural Housing Program.
However, Altoro said, the Biden-Harris administration is expanding access to more families so they can qualify for loans and grants.
The program has the advantage that if the client needs a subsidy in their mortgage payment, and qualifies, it can be granted. Then, could have a payment as low as 1% interest.
Before the change announced this Tuesday, the income limit varied according to the municipality. For example, for a family of one to four members, the income limit might be $22,600 a year, which would exclude many families from applying.
“Now with the new income limits, more families can qualify for Rural Development’s Housing Programs,” said Trujillo-Ortega.
The agency has at least three Rural Housing programs.
One of them is known as the Program of RH 502 Direct Loans, which helps low- and very-low-income applicants purchase “decent, safe, and sanitary homes” in eligible rural areas. If the applicant qualifies, they could be granted a subsidy that reduces the mortgage payment.
Another program is Single Family Home Repair Loans and Grants, also known as RH 504. This program provides loans to low- and very-low-income homeowners to repair, improve, or modernize their homes.
A third program is Grants for Home Repair in Affected Rural Areas in a Disaster Area. In this case, the program requires that there be a Presidential Disaster Declaration, as was the case with Hurricane Fiona.
In the event of a disaster declaration, a grant of up to $40,675 may be provided, if you meet certain low and very low income eligibility requirements, among other conditions.
Under the Biden-Harris administration, Rural Development provides loans and grants to help expand economic opportunity, create jobs and improve the quality of life for millions of Americans in rural areas, according to Trujillo-Ortega.
USDA supports infrastructure improvements, business development, housing, community facilities, public safety and health care, as well as high-speed Internet access in rural, tribal and high-poverty areas, added the USDA Rural state director for Puerto Rico Development.
2023-08-09 01:04:37
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