Brooklyn Center Deferred Loan
The Economic Development Authority of Brooklyn Center is making funds available for homeowners to assist with home maintenance and energy improvements.
The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. Loan approval is subject to credit and program guidelines.
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About the Loan
- 0% interest rate.
- Income limits apply. See Loan Terms for more details.
- Loan amounts from $5,000 to $25,000.
- Loan term is 15 years.
Property Eligibility
- 1-4 unit, owner-occupied residential properties located in the City of Brooklyn Center.
- Individual townhomes, twin-homes, and condominiums are eligible. Properties held in a Contract for Deed are eligible.
- Properties over 4 units, cooperatives, manufactured homes, properties held in a Trust, and properties used for commercial purposes are not eligible.
Loan Details
- Income limit is 80% area median income (AMI) based on household size and adjusted gross income from the most recent federal tax return.
- Loan term is 15 years. If the borrower has not sold or transferred the title and still occupies the property 15 years from the closing date, the loan will be 100% forgiven. If the borrower sells, transfers the title, or no longer occupies the property, the loan is 100% due and payable.
- Must be current on all mortgages and property taxes.
- Closing costs apply.
- A property inspection will determine and prioritize eligible improvements.
- Eligible improvements include most permanent exterior or interior improvements determined by the prioritization inspection.
- Work initiated prior to loan approval and closure is not eligible except in cases of emergencies.
- One (1) bid is required from a properly licensed or registered contractor with the Minnesota Department of Labor. Permits must be obtained when required.
- For do-it-yourself ("sweat equity") projects, loan funds may only be used for the purchase of materials or the rental of equipment. Loan funds may not be used to purchase tools or equipment, or to compensate labor.
- Work must be completed within 120 days of loan closing unless granted an extension by CEE.
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).
Browse More Brooklyn Center Loans
Thanks to Brooklyn Center's partnership with CEE, we offer additional loan programs for Blaine residents.
