7 CFR 3550.2 : Agriculture (§ 1.1 To Parts 4291-4299) — (Parts 2000-2002 To Parts 4291-4299) — Regulations Of The Department Of Agriculture (Continued) (Parts 2000-2002 To Parts 4291-4299) — Rural Housing Service, Department Of Agriculture (Parts 3500-3549 To Parts 3576-3599) — Direct Single Family Housing Loans And Grants (§ 3550.1 To § 3550.300) — General (§ 3550.1 To § 3550.50) — Purpose.

The purpose of the direct RHS single family housing loan programs is to provide low- and very low-income people who will live in rural areas with an opportunity to own adequate but modest, decent, safe, and sanitary dwellings and related facilities. The section 502 program offers persons who do not currently own adequate housing, and who cannot obtain other credit, the opportunity to acquire, build, rehabilitate, improve, or relocate dwellings in rural areas. The section 504 program offers loans to very low-income homeowners who cannot obtain other credit to repair or rehabilitate their properties. The section 504 program also offers grants to homeowners age 62 or older who cannot obtain a loan to correct health and safety hazards or to make the unit accessible to household members with disabilities.