Audubon Park Home Improvement 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.
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About the Loan
- 2% APR
- No income limit.
- Loan amounts from $1,000 to $15,000.
- Terms up to 10 years.
- 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.
Current Rates
Subject to change at any time. APR based on loan amount of $15,000.
| Rates starting at | Term | APR as low as | Payment example |
|---|---|---|---|
| 2% | 5 years | 2% | $17.53 |
| 2% | 10 years | 2% | $9.20 |
Calculate My Payments
Based on current rates. Qualifications apply.
Loan Details
- This loan is secured by a mortgage to your property.
- Closing costs apply.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- Most permanent interior and exterior improvements are eligible.
- Unless part of a larger project or needed to address a potential structural threat: fences, trees, shrubs and non-permanent landscaping are ineligible improvements.
- Only one bid is required from a properly licensed contractor for projects equal to or less than $15,000. All other projects must have at least 2 bids.
- For do-it-yourself projects, a materials list including prices is required. The cost for labor and the purchase of tools may not be included in the 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).
