Anoka Rental Conversion Deferred Loan
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.
Hablamos Español: 612-335-5856
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
- 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.
- 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).