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| Family Size | 50% of Median | 60% of Median | 80% of Median | 115% of Median |
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| 1 | $29,400 | $35,280 | $47,040 | $67,620 |
| 2 | $33,600 | $40,320 | $53,760 | $77,280 |
| 3 | $37,800 | $45,360 | $60,480 | $86,940 |
| 4 | $42,000 | $50,400 | $67,200 | $96,600 |
| 5 | $45,400 | $54,480 | $72,640 | $104,420 |
| 6 | $48,750 | $58,500 | $78,000 | $112,125 |
| 7 | $52,100 | $62,520 | $83,360 | $119,830 |
| 8+ | $55,450 | $66,540 | $88,720 | $127,535 |
Eligible Properties
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Owner-occupied, 1-4 unit residential structures located in the Longfellow, Cooper, Howe and Hiawatha neighborhoods.
Eligible Improvements
- Most improvements are eligible, interior or exterior maintenance or remodeling.
Loan Term
- Maximum repayment term 10 years.
Low-Interest Discount Loans
Loan Amount
- Minimum: $2,000
- Maximum: $25,000
Interest Rate(s)
- 5.25% fixed
Income Limit
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Annual gross income must be $96,600 or less.
Eligible Properties
-
Owner-occupied, 1-4 unit residential structures located in the Longfellow, Cooper, Howe and Hiawatha neighborhoods.
Eligible Improvements
- Most improvements are eligible, interior or exterior maintenance or remodeling.
Loan Term
- Maximum repayment term 15 years.
Major Remodeling Program
Loan Amount
- Minimum: $7,500
- Maximum: $15,000
Interest Rate(s)
- Blended interest rate. LCC – 0% interest rate. Financial institution – financial institution rate. The result is a blended rate approximately ½ of the financial institution’s rate.
- Loan must be matched with a dollar-for-dollar loan from TCF Bank.
- Example: Of a $20,000 loan, LCC would finance $10,000 at 0%. TCF would finance the remaining $10,000 at their own rate, say 10% for example. This would result in a blended rate of 5.0% for the entire amount of $20,000. Please note that this will also result in 2 loans with 2 separate monthly payments that must be paid back simultaneously.
Income Limit
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No income limit!
Eligible Properties
-
Owner-occupied, 1-4 unit residential structures located in the Longfellow, Cooper, Howe and Hiawatha neighborhoods with and Estimated Market Value of $500,000 or less as of July 6, 2007.
Eligible Improvements
- Improvements must be part of a major remodel such as kitchen and/or bath remodel, garage replacement or home addition to be determined by the Center for Energy and Environment.
Loan Term
- Maximum repayment term 15 years.
- Loan may be prepaid at any time without penalty.
Home Adaptability Program
Funds are available to address the home improvement needs of seniors and other homeowners whom have accessibility needs and lack the resources to repair and remodel their property to make their home more accessible and safe. Contact Brenda Yaritz at (612) 335-5891 for more information.
Emergency Deferred Loan
Funds are available to residents of the greater Longfellow neighborhood who need to make emergency repairs to their properties. Contact Brenda Yaritz at (612) 335-5891 for more information.
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 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 Longfellow 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 Options
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 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 builidngs. The Minnesota Department of Commerce sponsors the Rental Energy Loan Fund using Exxon Oil Overcharge funds. This program is only offered by 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 Brenda Yaritz at (612) 335-5891 for more information.