Anoka Rental Conversion 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 deferred 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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About the Loan

  • Loan amounts up to $50,000.
  • Terms up to 15 years.
  • No down payment required. 

Property 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.

Current Rates

Subject to change at any time. APR based on loan amount of $50,000. 

Rates starting at Term APR as low as Payment example
0% 5 years 0.444% $16.67
0% 10 years 0.224% $8.33
0% 15 years 0.15% $5.56

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Based on current rates. Qualifications apply.

Loan Details

  • 0.320% APR*
  • Loan is secured by a mortgage on the property.
  • Closing costs apply.

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

  • Any work required to convert a 2-4 unit residential property into a single family owner-occupied property is eligible.
  • This loan can be used to pay for the 1:1 borrower match for Rental Conversion Deferred Loan.

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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