SIDC signs MOU with USDA Rural Development for 504 program application packaging

The Southern Indiana Development Commission (SIDC) is excited to partner with USDA Rural Development (RD) to package applications for the USDA RD 504 Home Repair Program. USDA RD Director Steve Howell, USDA RD Deputy State Director Curtis Johnson, USDA RD Acting Single Family Housing Program Director Terri Weyer and USDA RD Single Family Housing Loan Specialist Gennifer Schaefer came to the SIDC office in Loogootee on May 6 to execute the Memorandum of Understanding (MOU).

Also present were SIDC Executive Director Greg Jones and SIDC Housing Program Manager Jenny Dearwester.

The Section 504 Home Repair program provides loans to very-low-income homeowners to repair, improve or modernize their homes or grants to elderly very-low-income homeowners to remove health and safety hazards. The applicant must own and live in the house. The maximum grant amount for the elderly age 62 and older is $10,000. The maximum loan is $40,000, termed at 20 years and a 1 percent fixed interest rate.

"The Trump - Vance Administration are committed to rural America through the work of USDA Rural Development,” Howell said. “The home repair assistance available through USDA Rural Development’s Section 504 Home Repair program provides loans and grants to very low-income homeowners in rural areas to mitigate health and safety concerns. We are pleased to join SIDC in this effort to revitalize rural communities and continue to serve rural Hoosiers in southwest Indiana."

Dearwester, Housing Program Manager for SIDC, will be the direct contact at 812-295-3707, ext. 2 for packaging applications for the 504 Program.

SIDC will package loans for interested homeowners living within the following counties: Clay, Crawford, Daviess, Dubois, Gibson, Greene, Knox, Lawrence, Perry, Pike, Posey, Martin, Monroe, Orange, Owen, Spencer, Sullivan, Vanderburgh, Vigo and Warrick.

“I look forward to this new venture,” Dearwester said. “SIDC works with many communities on Owner Occupied Rehabilitation projects and homeowners often need additional funds to get necessary items fixed on their house. We will be able to help homeowners in applying for the 504 program funds.”