Bottineau Home Improvement Program

The Bottineau Neighborhood Associations currently has no Neighborhood Revitalization Program (NRP) funds available except for rental properties as listed below. For information on other programs offered to residents across the state of Minnesota, please see below. Contact Brenda Yaritz at (612) 335-5891 for more information.

Program Information

Low Interest Loans - Rental Properties

Proof of Income

Contractors

Optional Sweat Equity (do-it-yourself)

Disbursement of Funds

Remodeling Advisor

Program Forms

Bottineau Application

Contractor Completion Certificate

Homeowner Installed Completion Certificate

NRP Payment Procedure

Contractor Participation Agreement

NRP/CPED Loan Subordination Policy

Low Interest Loan - Rental Properties

Loan Amount

• Minimum: $500 per dwelling unit
• Maximum: $4,000 per dwelling unit. The maximum for any loan shall not exceed $16,000.
• All loans are secured by a mortgage.

Interest Rate(s)

• 4% fixed

Match Requirements

• Borrowers must provide at least 50% of the project cost from non-NRP resources.
• Example - If the total project cost is $16,000, the NRP Loan will be $8,000.

Eligible Properties

• Any rental property located in the Bottineau neighborhood.
• The rental property must be properly licensed by the City of Minneapolis.
• Mixed use properties are eligible if more than 50% of the building’s after rehabilitation above ground square footage is used for residential purposes.
• Individual condominium, cooperative, and/or townhouse units that are absentee-owned are eligible.
• Single-room occupant, student dormitories, manufactured homes taxed as personal property and transitional properties for special populations are not eligible.
• Condominium, cooperative, and/or townhouse associations are not eligible.

Eligible Improvements

• Projects that correct a City of Minneapolis housing maintenance code violation. (If a citation has been issued, the health and safety issues must be the first areas addressed with the loan);
• Projects that correct residential conditions that do not meet local or state building codes;
• Projects that address Truth-In Sale-of-Housing items;
• Projects that will repair or remodel an existing structure by:
  • Reducing long-term maintenance costs
  • Correcting lead or asbestos hazards
  • Increasing the energy efficiency of the structure
  • Upgrading basic systems (plumbing, electric, HVAC, etc.)

Loan Term

• Maximum repayment term 10 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. 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. the Center for Energy and Environment 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

Contact Brenda Yaritz at (612) 335-5891 for more information.

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 builidngs. 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.