Columbia Park Emergency Deferred Loan
Columbia Park neighborhood has designated City of Minneapolis NRP dollars for improving homes in the neighborhood.
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 - $5,000.
- No down payment required.
Property Eligibility
- 1-4 unit owner-occupied residential properties within the Columbia Park Neighborhood.
- 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
- Fixed interest rate.
- If the borrower sells, no longer occupies or transfers title of the property within 10 years of loan closing 100% of the loan is due. If the borrower owns and occupies the property for 10 years the loan is 100% forgiven.
- Income limit of less than 80% of HUD area median income (AMI) based on a household size and most recent tax return.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- 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.
- All work must be completed within 120 days of closing.
- Examples of eligible repairs include, but are not limited to, water lines, sewer service, fire hazards, repair to exterior steps, railings, retaining walls, water seepage into basement, structural problems, or replacement of a furnace or hot water heater. Repairs that will remedy such emergency repairs are eligible and will be determined by a CEE representative.
- Two bids are required from properly licensed or registered contractor with the Minnesota Department of Labor for projects over $15,000.
- 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.
- 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).
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