Audubon Park Emergency Deferred Loan
The Audubon Park Neighborhood has made NRP dollars available that have been designated to help property owners make necessary repairs and improvements.
The intent of these Programs is to encourage investment in the neighborhood by improving the housing stock. Other sources of funds are also available, such as MHFA and CEE, which may be used to supplement this program. 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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Definition of Emergency:
An emergency is defined as a condition that makes a house uninhabitable, extremely dangerous to the occupants, or is capable of causing severe health problems.
About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts from $1,000 to $5,000.
- No down payment required.
Property Eligibility
- Owner-occupied 1-4 unit residential properties located within the boundaries of the Audubon Park Neighborhood.
- Individual condo and townhome owners and properties held in a trust are eligible.
- Loan approval is subject to credit and program guidelines.
- To qualify for this program borrower(s) must not be eligible for any other financing administered by CEE.
Loan Details
- No income limits.
- Closing costs apply.
- Loan is forgiven after 10 years, if the property is still owned and occupied.
- This loan is secured by a mortgage on your property.
- 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.
- Eligible emergency repairs include, but are not limited to, water lines, sewer service, fire hazards, repairs to exterior steps, railings, retaining walls, water seepage into basement, structural problems, or replacement of a furnace or hot water heater.
- Repairs that remedy code violations and those needed to address home repairs before they significantly de-value the home and become much more serious problems, are also eligible.
- Only 1 bid is required from a properly licensed contractor registered with the MN Department of Labor for projects equal to or less than $15,000. All other projects must have at least 2 bids.
- Eligible repairs will be determined through an inspection and/or analysis of the condition of the property. A CEE representative will conduct the analysis to determine the project eligibility.
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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