Anoka Rental Conversion Deferred Loan

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The intent of the program is to promote the conversion of rental properties to single-family, owner-occupied properties. The City of Anoka is also offering a rental conversion loan that can be used as the matching funds.

The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. Email or call for complete details. 

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612-335-5884

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About the Loan

  • 0% (.108% APR)*
  • No monthly payments.
  • Loan amounts from $2,000 to $50,000.

*APR based on $10,000 for 30 years

Eligibility

  • 1-4 unit residential properties in the City of Anoka.
  • Must be owner occupied after the conversion/rehab.
  • Properties under construction or held in Trust are not eligible.
  • Loan approval is subject to credit and program guidelines.

Loan Details

  • 0.108% APR*
  • Loan is secured by a mortgage on the property.
  • Loan is forgiven after 30 years. 100% of the loan is due upon selling, transferring or the property is no longer owner-occupied prior to 30 years.
  • Closing costs apply.
  • 1:1 borrower match (can be paid for with a rental conversion loan).

*APR is based on $10,000 for 30 years.

  • Any work required to convert a 2-4 unit residential property into a single family owner-occupied property is eligible.

The current loan terms and conditions stated, including interest rates, do not constitute a commitment to lend or an offer to enter into an agreement, and that such an offer may only be made pursuant to Minnesota Statutes, Section 47.206(3) and (4).

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