By H&R staff report

CHAMPAIGN - The U.S. Department of Agriculture Rural Development agency has additional funding to help homebuyers and eligible senior homeowners in counties that received disaster declarations in 2008 as a result of the severe storms and flooding.

Funds are available for low-cost loans to repair, buy or build a home and for grants to assist older homeowners who suffered uninsured losses to repair or upgrade their homes.

Rural Development has $433 million nationally to help homebuyers in counties given disaster designations by the Federal Emergency Management Agency. Homebuyers can use the Rural Development funds for home loans for up to 100 percent of the value of the home with no mortgage insurance premiums.

Homebuyers in 25 Illinois counties are eligible for the funding, including Coles, Douglas and Edgar counties. Homeowners who are 62 or older in these same counties may be eligible for grants from the national pool of $4 million in supplemental funds for repairs, weatherization, energy efficiency upgrades or improvements that make them safer. Grants are available only if the homeowner cannot afford to repay a loan for those purposes.

Rural Development is the lead federal agency for rural needs. It provides financing and technical assistance to foster growth in homeownership, business development, and community and technology infrastructure.

Contact the Rural Development office in Champaign at 352-3536, ext. 4, for more details on the funding.

Information on other USDA Rural Development funding opportunities is available at www.rurdev.usda.gov/il.