Anoka Senior Deferred Loan

senior couple on porch

The City of Anoka HRA has allocated funds for senior homeowners of owner occupied residences in the City of Anoka to make general improvements to their properties. 

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 $1,000 to $10,000.
  • No down payment required. 

*APR based on $10,000 for 30 years

Property Eligibility

  • 1-4 unit owner occupied residential properties in the City of Anoka.
  • Condominiums and townhomes are eligible.
  • Properties under construction or held in Trust are not eligible.
  • Loan approval is subject to credit and program guidelines.
  • At least one borrower must be at least 62 years of age. 

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.

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

  • At least one borrower must be at least 62 years of age. 
  • Most permanent interior and exterior improvements are eligible.
  • A site visit conducted by a CEE representative is required to prioritize eligible improvements.
  • For do-it-yourself projects, a materials list including prices is required.  The cost for labor and equipment purchase or rental may not be included in the loan. 
  • Funds are held in a non-interest bearing escrow account at CEE from loan closing until the work is completed and all final documentation is received.  

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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