FERRIDAY, La. — Low-income homeowners in Ferriday and Woodville will have to move fast to apply for $5,000 home renovation grants.

On Tuesday, Concordia Bank Senior Vice President John Taylor announced that Ferriday and Woodville had both received $50,000 grants from the Federal Home Loan Bank of Dallas, through Concordia Bank, to fix up single-family houses.

The money will be used in each town to award 10 grants of $5,000 each — awards that, since they are not loans, do not have to be paid back.

But homeowners must turn in grant applications by 4 p.m. Tuesday. Applications are available at Concordia Bank branches in Ferriday and Woodville and at the cities’ town halls.

The money can be used to do a variety of housing renovations including, but not limited to, roof repairs, new insulation, heating and cooling installation, floor repair and installation of vinyl siding.

&uot;The bank will be willing to lend more to qualified applicants in case the grants won’t cover all that needs to be done,&uot;&160;Taylor said.

But there are some catches. Families applying for the grants can have incomes of no more than $10,350 a year for a single person to $19,450 for a family of eight people or more. Those receiving the grants have to be homeowners — not renters — and have to put in 40 hours of work repairing their own home. The work must be performed by licensed contractors.

Those who receive grants will have to attend two sessions on home ownership and financial services. Dates have not yet been announced.