 |
CONTACT CEE |
 |
 |
 |
 |
 |
 |
|
|
|
| Family Size | 60% of Median |
|---|---|
| 1 | $35,280 |
| 2 | $40,320 |
| 3 | $45,360 |
| 4 | $50,400 |
| 5 | $54,480 |
| 6 | $58,500 |
| 7 | $62,520 |
| 8+ | $66,540 |
Eligible Improvements
- Eligible improvements include interior and exterior projects including but not limited to: insulation, air sealing, roofing, painting, siding, cement work, windows, doors, kitchen or bathroom remodels, new carpet, landscaping, retaining walls, driveways, garages, etc.
- Applicants are required to submit one bid for each project under $5,000 and two bids for each project in excess of $5,000.
Loan Term
- The loan will be 100% forgiven if the owner remains in the property for 10 years from the date of loan closing. If the borrower sells, transfers title, or if the home is no longer the principle primary residence of the original borrower prior to the 10 year forgiveness term, the borrower will be required to repay the entire original loan amount.
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 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 Logan Park 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.