The limit on minor repair loans rises from $7,500 to $15,000
What the document says“(1) in the first sentence, by inserting ``and may make a loan to an eligible low-income applicant'' after ``applicant''; and (2) by striking ``$7,500'' and inserting ``$15,000''.”
The section amends section 504(a) of the Housing Act of 1949 to add authority to make a loan to an eligible low-income applicant and to raise the dollar limit from $7,500 to $15,000.
What the document actually says“(1) in the first sentence, by inserting ``and may make a loan to an eligible low-income applicant'' after ``applicant''; and (2) by striking ``$7,500'' and inserting ``$15,000''.”
New words let a loan go to an applicant with low income. One figure also comes out and a bigger one goes in. It rises from $7,500 to $15,000.
Section 504 helps pay for small repairs to farm homes. The old cap was set long ago. Doubling it lets it cover more work.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.