Edina Deferred Home Improvement Loan

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The Edina Housing and Redevelopment Authority 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.

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612-335-5884   

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About the Loan

  • 2% APR.
  • Income limits apply.
  • Loan amounts from $2,000 to $30,000.
  • Deferred for 30 years.
  • No down payment required. 

Property Eligibility

  • 1-4 unit, owner-occupied properties located within the geographical boundaries of the City of Edina.
  • Individual condominiums and townhouse, and properties held in a Trust or Contract for Deed are eligible.
  • Loan approval is subject to credit and program guidelines.
  • Property must have an Estimated Market Value at or below $425,000.

Loan Details

  • Deferred for a period of 30 years or when the borrower sells, transfers title or if the home is no longer the primary residence of the original borrower, at which time 100% of the principal and interest is due.  The loan may also become due and payable upon refinance.  The loan principal and interest is 100% forgiven if the Edina Housing and Redevelopment Authority if either of the following occur:
    • The borrower and Authority both obtain their own appraisal of the Property at their own cost. The borrower and Authority shall then engage in a negotiation based upon the two aforementioned appraisals. If the parties reach an agreement wherein the borrower sells the Property to the Authority, then the Loan shall be forgiven. The Authority reserves the right to reject the offer to buy the Property at in its sole discretion; OR
    • The borrower and Authority both obtain their own appraisal of the Property at their own cost. The borrower and Authority shall then engage in a negotiation based upon the two aforementioned appraisals. If the parties reach an agreement wherein the borrower sells the Property to a different housing redevelopment authority or comparable entity with Authority’s prior written approval, then the Loan shall be forgiven. The Authority reserves the authority to withhold prior written approval in its sole discretion.
  • This loan is secured by a mortgage to your property.
  • Closing costs apply.
  • Loans must be used first to address health, safety, and outstanding code violations.  If there are no outstanding health, safety, or code violations, the funds may be used for energy improvements which are recommended through a Home Energy Squad Visit.  If all of the previous items are being addressed adequately or are not necessary, the funds may be used for any permanent interior or exterior improvement including, but not limited to: roofing, siding, windows, doors, garage repair or replacement, interior remodeling, sidewalks/steps, driveways, solar and permanent landscaping.
  • A Remodeling Advisor Visit and Home Energy Squad Visit must be done to determine the Eligible Use of Funds.
  • For do-it-yourself projects, a materials list including prices is required.  The cost for labor and equipment purchase or rental may not be included in the loan.
  • 1 bid is required from a properly licensed contractor.
  • 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.  

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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Browse our other Edina loan options.