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Southeast Rural Community Assistance Loan Fund Program

Link view program website
Sponsor Southeast Rural Community Assistance Project
Deadlines Applications accepted on an ongoing basis
Contact Dario Krolo
Loan Officer
Phone: 540.345.1184 ext 135
Email: dkrolo@sercap.org
Purpose

Southeast Rural Community Assistance Loan Fund Program provides low-interest loans to low-income rural communities for predevelopment costs, system upgrades and new construction of water and wastewater services and facilities. Loans are also available for housing and community development.

The household water well system loan program is designed to assist low- to moderate-income individuals needing loans to construct, refurbish and service their household well systems. The purpose of the program is to target loans to the significant numbers of homeowners in the seven states whose geographically isolated households lack water service, but for whom it is not feasible to be connected to new or existing community water systems.

Eligibility

Loan applicants must own and occupy the home for which they are applying for a water well loan. The water well system being funded may not be associated with the construction of a new dwelling.

Also the water well system being funded by the loan may not be used to substitute for water service available from collective water systems. The home using the water well system must be located in a rural area, and the combined household income for an individual applying for a loan should not be more than 100 percent of the median non-metropolitan household income for the state.

Priority will be given to applicants who are disabled, elderly or who have minor children.

Geographic
coverage
North Carolina, Florida, Georgia, Virginia, Maryland, Delaware and South Carolina.
Amount of
funding

Community loan amounts range from $1,000 to $150,000. Interest rates start at 4% and range up to a maximum of 7% using a sliding scale point system based on need.

Loans to individuals have a one percent interest rate and a twenty-year repayment term. A maximum of $11,000 per household may be borrowed under this program.

Application
process

Loan Applications are available on the program website.

Tagged as Capital funding, Environment, Housing and homelessness, Public health, Delaware, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia



For complete information about funding programs, including your application status, please contact funders directly. Summaries are provided for your convenience only. RAC does not take part in application processes or monitor application status.

Related Content

Organization:
Southeast Rural Community Assistance Project, view details

Phone: 1-800-270-1898
Email: info@raconline.org

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Funding for this project was supported by Grant Number U56RH05539 from the Office of Rural Health Policy, Health Resources and Services Administration, U.S. Department of Health and Human Services. The contents of this website are solely the responsibility of the authors and do not necessarily represent the official views of the funder.