Federal Housing Programs for Seniors in Georgia
What housing programs are available for low income senior citizens in Georgia? The federal government provides low income housing elderly benefits through the U.S. Department of Agriculture (USDA) and the Department of Housing and Urban Development (HUD). Different qualifications for low income senior housing are applicable for each of the loan, grant, voucher and repair programs listed below. When it comes to eligibility for federal senior housing programs, adults meet certain age requirements to qualify as senior citizens. Income qualifications for senior housing HUD and USDA programs target families with incomes in the low, very low and extremely low range. However, a few USDA programs are available to those in the moderate income range. Continue reading to learn more about what housing programs are available for low income senior citizens in Georgia and how to apply for them.
HUD Housing Choice Voucher (Section 8)
When it comes to federal housing programs for seniors eligibility requirements are often met through HUD’s Housing Choice Voucher or Section 8, housing program. This low income elderly housing benefit program permits extremely low- to low-income families—including seniors and the disabled—to rent privately owned units that they would not be able to afford otherwise. Those who apply for seniors federal housing programs and choose Section 8 will choose their own dwelling and pay a portion of the rent to the property owner themselves. HUD covers the remaining amount of rent due by issuing a voucher directly to the property owner. Elderly families and individuals may be given program priority in some areas and can deduct a portion of certain medical expenses from their income to qualify.
Find out more about qualifying for housing assistance and applying to the Section 8 program in Georgia by downloading our free guide.
Section 504 Rural Housing Repair and Rehabilitation Grants
Rural elderly homeowners who apply for seniors federal housing programs may wish to seek a USDA Section 504 grant. This low income elderly housing benefit can be used to fund home repair and improvement projects that remove health and safety hazards from the property. Grant funds can also be used to fix problems that block disabled access to the home or prevent wheelchairs or other equipment from moving freely inside the home. The eligibility requirements for housing assistance in rural areas state that petitioners must be living in an area considered rural. Eligibility for this federal senior housing program includes being a senior citizen homeowner, living in a rural area and being unable to afford to repay a Section 504 loan. Low-income homeowners may apply for this senior federal housing program through the local USDA office where staff will determine eligibility and verify the need for assistance.
Section 504 Rural Housing Repair and Rehabilitation Loans
Qualifications for low income senior housing assistance through a Section 504 Rural Housing Repair and Rehabilitation loan are similar those for Section 504 grants, except the loans are intended for rural homeowners who can repay the funds. This low income elderly housing benefit is for those who are unable to obtain credit from another source. The money must be used to repair, improve or modernize their homes. If applicants are unable to repay the full amount, then they may apply for a Section 504 grant to cover the remaining amount. The outstanding balance cannot exceed a certain, but loans and grants can be combined for additional homeowner assistance. This low income elderly housing benefit is issued at a low interest rate and a repayment period of up to 20 years. Applications are accepted and reviewed at USDA field offices.
Section 502 Rural Housing Loan (Direct)
These direct loans are low income housing elderly benefits that help households with very low or low incomes purchase homes in rural areas. Applicants who meet qualifications for low income senior housing may obtain up to 100 percent financing through this USDA program and use the funds to build, repair, renovate or relocate a home. Section 502 direct loans must be repaid within a designated number of years, which can vary based on the applicant’s income compared to the area’s median income. Qualifications for low income senior housing 502 loans include having an acceptable credit history, the ability to repay a loan and the inability to obtain credit elsewhere.
Download our comprehensive guide for details on housing assistance programs available to seniors in Georgia.
Section 502 Direct Housing Natural Disaster Loan
What housing programs are available for low income senior citizens in GA who live in rural areas and need to rebuild after a natural disaster? This USDA federal housing program for seniors and other low-income families is restricted to areas identified by a presidential natural disaster declaration and are only available when the Federal Emergency Management Agency (FEMA) does not provide assistance. Recipients may use funds to buy, build, rehabilitate or improve homes in rural areas and must demonstrate that they cannot obtain credit from another source. Applications are processed through the Rural Development field office, the entity in charge of making local funding decisions.
Section 502 Guaranteed Rural Housing Loan
This USDA federal housing program for seniors offers loans to low- or moderate-income families that cannot secure a conventional mortgage in an eligible rural area without providing a loan guarantee. This housing program available for low income senior citizens guarantees 30-year fixed-rate loans at current market interest rates, for up to 100 percent of the home’s appraised value or the acquisition costs. No down payment is required. Qualifications for low income senior housing via this loan includes demonstrating adequate and dependable income, the ability repay a loan and an acceptable credit history. Applications are processed through state and local offices of the USDA’s Rural Housing Service.