Burnsville LAHA Home Improvement Loan
The City of Burnsville is using its state Local Affordable Housing Aid (LAHA) funds to help residents improve their homes.
The guidelines below are subject to change at any time without notice. Loan funds are subject to availability.
Hablamos Español: 612-335-5856
About the Loan
- 3% (3.149% APR)*
- Income limits apply. See terms for more details.
- Loan amounts from $5,000 to $50,000.
- Terms range from 10 to 20 years.
* APR is based on loan amount of $50,000 over 20 years.
Property Eligibility
- 1–4 unit, owner-occupied properties located in the City of Burnsville.
- Condominiums and townhomes are eligible.
- Property must be homesteaded or in the process of being homesteaded.
- Properties under construction or held in a Trust are not eligible.
- Property must have had a home energy audit to determine eligible use of funds.
Loan Details
- Annual income may not exceed 80% of the area median income (AMI) based on household size. Income will be determined by the adjusted gross income on the most recent federal tax return.
- Loan approval is subject to credit and program guidelines.
- This loan is secured by a mortgage to your property.
- Closing costs apply.
- All work must be completed within 120 days of closing.
- Most permanent interior and exterior improvements, maintenance, or remodeling projects are eligible.
- Funds may not be used for common area improvements, work initiated prior to closing (except in emergencies), recreation or luxury projects, or non-permanent appliances (unless part of a kitchen remodel).
- One (1) bid is required from a properly licensed or registered contractor with the Minnesota Department of Labor.
- Please contact your City inspections department to verify if your project requires a permit. If you are hiring a contractor to do the work and it requires a permit, the contractor should pull the permit.
- 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.
- Our experience has shown that big box stores are not willing to be paid on completion, which is a requirement for this program.
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 Burnsville Loans
Thanks to Burnsville's partnership with CEE, we offer additional loan programs for Burnsville residents.
Not sure what program works for you? Contact us.