Northeast Park

The Northeast Park Neighborhood Association (NEPNA) is making City of Minneapolis Neighborhood Revitalization Program (NRP) funds available to homeowners of the of the Northeast Park Neighborhood to make home improvements. Program funds may only be used for improvement projects started after the homeowner has received approval and they have closed on their loan.

Program Information

Low-Interest Revolving Loans

Deferred Loans

Emergency Deferred Loans

Proof of Income

Contractors

Optional Sweat Equity (do-it-yourself)

Disbursement of Funds

Remodeling Advisor

Program Forms

Northeast Park Application

Contractor Completion Certificate

Homeowner Installed Completion Certificate

NRP Payment Procedure

Contractor Participation Agreement

NRP/CPED Loan Subordination Policy

Low-Interest Revolving Loans

Loan Amount

• Minimum: $1,500
• Maximum: $10,000

Interest Rate(s)

• 4% fixed

Income Limit

• No maximum income limit!

Eligible Properties

• Must be owner-occupied and homesteaded, 1-2 unit properties located in the Northeast Park neighborhood.
• Individual condominium or townhouses units are not eligible.

Eligible Improvements

• Most improvements are eligible, interior or exterior maintenance or remodeling. Up to 15% of the loan can be used to finance permanent landscaping.

Loan Term

• Maximum repayment term 10 years.
• Loan may be prepaid at any time without penalty.

Deferred Loans

Loan Amount

• Minimum: $1,000
• Maximum: $5,000

Interest Rate(s)

• 0% fixed

Income Limit

• Income limit is based on family size, eligible applicants must have an annual household income of less than 80% of the Area median income. See chart below.

Match Requirement: (see chart below)

• Borrowers with household incomes less than or equal to 50% of the Area Median Income (AMI) will not be required to provide a match.
• Borrowers with household incomes greater than 50.01% of the AMI but less than or equal to 80% of the AMI will be required to provide a 1:1 match.

Eligible Properties

• Must be owner-occupied and homesteaded, 1-2 unit properties located in the Northeast Park neighborhood.
• Individual condominium or townhouses units are not eligible.

Eligible Improvements

• Eligible improvements will be determined through site visits to the property by CEE's Remodeling Advisor.

Loan Term

• The loan will be 100% forgiven if the owner remains in the property for 10 years from the date of closing. If the borrower sells, transfers title, or if the home is no longer the borrower's primary residence prior to the 10 year forgiveness term, the borrower will be required to pay the entire original loan amount

Emergency Deferred Loans

Loan Amount

• Minimum: $1,000
• Maximum: $3,000
• All loans are secured by a mortgage.

Interest Rate(s)

• 2% fixed

Income Limit

• Based on family size, annual household income must be less than 60% of the AMI (see chart below).
• Incomes are based on your adjusted gross income of your most recent Federal Tax Return.

Eligible Properties

• Must be owner-occupied and homesteaded, 1-4 unit properties located in the Northeast Park neighborhood.
• Individual condominium or townhouses units are eligible.

Eligible Improvements

• CEE will perform a free home analysis for all eligible applicants and help the applicant prioritize improvement needs of the property.

Loan Term

• Maximum repayment term 5 years.
• If you continue to own and live in your property for 5 years your loan is 100% forgiven.
• 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

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 Northeast 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.

Contact Brenda Yaritz at (612) 335-5885 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 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.