East Harriet Farmstead Home Improvement Program

The East Harriet Farmstead Neighborhood Association (EHFNA) has made Neighborhood Revitalization Program (NRP) funds available to property owners of the East Harriet Farmstead neighborhood to make improvements to their properties. The current EHFNA Home Improvement Program offers low interest revolving loans to both owner-occupied and absentee-owned residential properties.

Program Information

Low Interest Loans

Proof of Income

Contractors

Optional Sweat Equity (do-it-yourself)

Disbursement of Funds

Remodeling Advisor

Program Forms

East Harriet Farmstead Application

Contractor Completion Certificate

Homeowner Installed Completion Certificate

NRP Payment Procedure

Contractor Participation Agreement

NRP/CPED Loan Subordination Policy

Low-Interest Loan

Loan Amount

• Minimum: $2,000
• Maximum: $15,000

Interest Rate(s)

• 2% for households with incomes below 80% of the AMI (see chart below)
• 4% for households with incomes between 80% and 150% of the AMI (see chart below)

Income Limit

• Based on family size, no higher than 150% of AMI (see chart below).
• Income will be based on the Adjusted Gross Income of your most recent Federal Tax Return.

Family Size	80% of Median	150% of Median
1	$47,040	$88,200
2	$53,760	$100,800
3	$60,480	$113,400
4	$67,200	$126,000
5	$72,640	$136,200
6	$78,000	$146,250
7	$83,360	$156,300
8+	$88,720	$166,350

Eligible Properties

• 1-2 unit owner-occupied or absentee-owned residential structures located in the East Harriet Farmstead neighborhood.

Eligible Improvements

• Most improvements are eligible, interior or exterior maintenance or remodeling.
• One bid is required for projects under $5,000 and two bids are required for projects over $5,000.

Loan Term

• Maximum repayment term 7 years.
• Loan may be prepaid at any time without penalty.

Proof of Income

• If you are employed: submit copies of your two most recent paystubs.
• If you are retired: submit a copy of your social security benefits or pension.
• If you are self-employed: submit copies of your Federal Tax Returns for the last 2 years.

Contractors

Loan recipients must submit bids or materials lists. All contractors must be properly licensed to work in the City of Minneapolis and the Center for Energy and Environment will verify that contractors are licensed. It is important that you are satisfied with the bid or estimate you have selected, CEE offers assistance in helping you compare and understand the estimates you collect.

Optional Sweat Equity (for the do-it-yourselfer)

Applicants must clearly demonstrate the ability to complete high quality work within the required time period. Loan funds will be allowed for materials only, property owners will not be compensated for their labor. Note: Loan funds will not be disbursed until the project is complete.

Disbursement of Funds

You will have 120 days (depending on the loan program) from the date of your loan closing with CEE to complete your improvements. You must close on the loan prior to beginning project(s). Loan funds will be paid only after the work is completed and inspected and the following is provided:

• Signed completion certificate by the homeowner indicating satisfaction with the work and authorizing payment to the contractor
• Signed completion certificate by the contractor
• Final contractor invoice
• Lien waiver from the contractor for the entire amount of the project; homeowner must turn in receipts for sweat equity projects
• Evidence of required building permits
• CEE inspection of the property to verify the completion of the work when required by the neighborhood

Remodeling Advisor

If you need assistance in identifying and prioritizing improvements, the Center for Energy and Environment offers a Remodeling Advisor Service where you can receive objective remodeling advice. The service is free to East Harriet residents and includes an informational visit to your property and assistance with collection and evaluation of bids. To schedule an appointment call 612-335-5856.

Additional Financing Available

Minnesota Fix-Up Fund

The Minnesota Fix-up Fund is a statewide program that offers loans at below market interest rates to homeowners. The fix-up fund was established to improve the basic livability and/or energy efficiency of the borrower's home. Eligible projects include interior or exterior improvements, general remodeling or maintenance items.

Home Energy Loan Program

The Home Energy Loan Program is a statewide program that offers low interest loans to homeowners that want to make energy improvements to their properties. This program is only offered by the Center for Energy and Environment.

Rental Energy Loan Fund

The Rental Energy Loan Fund provides financing to owners of residential rental properties to increase the energy efficiency of their buildings. The Minnesota Department of Commerce sponsors the Rental Energy Loan Fund using Exxon Oil Overcharge funds. This program is only offered by the Center for Energy and Environment.

MHFA Rental Rehabilitation Program

The Rental Rehabilitation Loan offers owners of residential rental properties low interest financing to complete improvements that increase the livability of the property including interior or exterior projects, general remodeling or maintenance issues.

Contact Jim Hasnik at (612) 335-5885 for more information.