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TeachMeFinance.com - explain Section 504 loans and grants Section 504 loans and grants The term 'Section 504 loans and grants ' as it applies to the area of agriculture can be defined as ' A USDA rural housing repair program authorized under Section 504 of the Housing Act of 1949. Under current regulations, rural homeowners with incomes of 50% or less of the area median may qualify for the Rural Housing Service direct loans to repair their homes. Loans are limited to $15,000 and have a 20-year term at a 1% interest rate. Owners of age 62 or more may qualify for grants of up to $5,000 to pay for needed repairs. To qualify for the grants, the elderly must lack the ability to repay the full cost of the repairs. Depending on the cost of the repairs and the income of the homeowner, the owner may be eligible for a grant for the full cost of the repairs or for some combination of a loan and a grant to covers repair costs. The combination loan and grant may total no more than $15,000'. Previous 5 Terms: Section 32 Section 4 general or basic assistance Section 404 Section 416 Section 502 loans Next 5 Terms: Section 514 loans Section 515 loans Section 516 grants Section 521 rental assistance Section 523 loans About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.