Low interest, long amortization loan programs:
Do you live in Massachusetts and own a home that needs to be made accessible? Did you know you can get a 0% interest loan up to $50,000 and not have to make any payments until the property is sold or has its title transferred.Click This Link For More Information on the Home Modification Loan Program in Massachusetts
Area Agency on Aging: Some Area Agencies on Aging use funds from the Older Americans Act Title III to modify homes. To locate the Area Agency on Aging in your community, call the Eldercare Locator at (800) 677-1116 or visit www.n4a.org.
Department of Housing and Community Development: Many cities and towns use Community Development Block Grants (CDBG) to help maintain and upgrade homes. Contact the local Department for more information. A listing of Housing and Community Development Agencies can be found by calling the National Association of Housing and Redevelopment Officials at toll free (877) 866-2476.
Federal Housing Administration (FHA): The FHA, which is part of the U.S. Department of Housing and Urban Development (HUD), administers mortgage insurance programs (e.g., Title 1 and Section 203(k) that can help homebuyers and homeowners secure loans to make home modifications. For more information, contact the regional HUD field office listed in the telephone directory, visit www.hud.gov.
Health Insurance: Some private health insurance and long term care insurance plans also pay for limited home modifications. Check with your insurance provider
Internal Revenue Service (IRS): If the home modifications meet certain conditions, they may be tax deductible. Part of the expense of installing lifts, tubs or showers may be deductible if they increase the resale value of the property and have been prescribed as medically necessary. Consult a tax professional and order a free copy of IRS Publication 502 for more information. Contact the IRS by visiting www.irs.gov or call (800) 829-3676.
Rural Housing Services (RHS) Grants/Loans: Part of the U.S. Department of Agriculture (USDA), the RHS offers various grants and loans for rural, low-income elders. RHS Section 502 Home Ownership Loans may be used to rehabilitate, repair, buy, build, or improve rural homes and related facilities. RHS Section 504, the Very Low-Income Housing Repair Program, provides loans and grants to very low-income persons 62 years and older to repair, improve, or modernize their dwellings or to remove health or safety hazards. To locate the local Rural Development area offices, visit www.rurdev.usda.gov.
State Assistive Technology Programs: Offer Loans/Grants for people with disabilities and their family members. Visit www.resna.org for your state contact information.
Veterans Administration: The Veteran's Administration (VA) offers programs that pay for renovations needed for accessbility. For more information contact the VA Office at 1-877-222-VETS or http://www.va.gov.
The Catastrophic Illness In Children's Relief Fund: Home modifications related to accessibility as well as a host of other medically related expenses are reimbursable, up to $10k per project in many cases. For more information see http://www.mass.gov.