The Harrison Neighborhood Association (HNA) is making Neighborhood Revitalization
Program (NRP) funds available to provide low-interest loans, deferred loans
and grants to owner-occupied residential structures located in the Harrison
neighborhood.
*must apply and close within 6 months of purchase date!
Interest Rate(s)
2% fixed
The interest rate only applies if the loan comes due based on the terms
of the loan.
Income Limit
No maximum income limit!
Loan Amount
Minimum: $5,000
Maximum: $15,000
Applicants do not need to be first time homebuyers.
Match Funds
Deferred loan funds must be matched on a 1:1 ratio.
Deferred loan recipients matching funding can come from any source except
from other HNA/NRP programs.
Eligible Properties
Owner-occupied, 1-2 unit residential structures located in the Harrison
neighborhood.
Owner occupants of condominiums, town houses or co-operatively owned
units ARE eligible.
Eligible Improvements
An inspection of the property will be conducted by CEE to identify and
prioritize eligible improvements.
Loan Term
Maximum repayment term 5 years. Loan is forgiven at 20% per year. If the borrower
remains in their home for 5 years, maintains homestead status, and completes
the
required
post-purchase
counseling, the loan will
be completely forgiven.
This fund is available to aid potential homebuyers with closing cost and/or
down payment assistance.
Interest Rate(s)
3% fixed
The interest rate only applies if the loan comes due based on the terms
of the loan.
Income Limit
Annual household income must be less than 75% of the AMI
(see chart below).
Loan Amount
Maximum: $4,000
Applicants need not be first time homebuyers.
Eligible Properties
Owner-occupied, 1-4 unit residential structures located in the Harrison
neighborhood.
Owner occupants of condominiums, townhouses or co-operatively owned
units ARE NOT eligible.
Loan Term
Maximum repayment term 5 years. Loan is forgiven 20% a year. If the borrower
remains in their home for 5 years, maintains homestead status, and completes
the required post-purchase
counseling, the loan will
be completely forgiven.
An emergency is defined as a condition that makes a house uninhabitable,
extremely dangerous to occupy or is capable of causing severe health problems.
Interest Rate(s)
0% if your household income is at or below 50% of the AMI (see chart below)
2% if your household median income is higher than 50% of the AMI (see chart below)
Income Limit
Annual household income must be less than 70% of the AMI (see chart below)
Loan Amount
Minimum: $500
Maximum: $5,000
Past recipients are eligible to apply.
Eligible Properties
Owner-occupied, 1-4 unit residential structures located in the Harrison
neighborhood.
Owner occupants of condominiums, town houses or co-operatively owned
units ARE eligible.
Eligible Improvements
An inspection of the property will be conducted by CEE to identify and
prioritize eligible improvements.
Loan Term
Maximum repayment term 5 years. Loan is forgiven 20% a year. If the borrower
remains in their home for 5 years, maintains homestead status the loan
will
be completely forgiven.
Loan may be prepaid at any time without penalty.
Family Size
50% of Median
70% of Median
75% of Median
1
$29,400
$41,160
$44,100
2
$33,600
$47,040
$50,400
3
$37,800
$52,920
$56,700
4
$42,000
$58,800
$63,000
5
$45,400
$63,560
$68,100
6
$48,750
$68,250
$73,125
7
$52,100
$72,940
$78,150
8+
$55,450
$77,630
$83,175
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. 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 30-180 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 Harrison 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.
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.
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.
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.
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 Brenda Yaritz at
(612) 335-5891 for more information.
Center
for Energy and Environment • 212
3rd Avenue North, Suite 560 • Minneapolis,
MN 55401 • Phone: (612) 335-5884 • Fax:
(612) 335-2650
