Elk River Housing Rehabilitation Loan

man drilling wood

The City of Elk River is making financing available for homeowners to make property improvements. The Elk River Home Improvement Loan Program is designed to supplement existing loan programs available from MHFA, CEE, private lenders and other housing resources.

The guidelines below are subject to change at any time without notice. Loan funds are subject to availability.

Apply Now

Hablamos EspaƱol: 612-335-5856

About the Loan

  • No maximum income limit.
  • Loan amounts from $5,000 to $35,000.
  • Terms up to 15 years depending on loan amount. 
  • No down payment required. 

Property Eligibility

  • 1-4 unit, owner-occupied residential properties located in the City of Elk River and the Urban Services District.
  • Townhomes, Condominiums 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 $35,000. 

Rates starting at Term APR as low as Payment example
4% 5 years 4.51% $18.42
4% 10 years 4.266% $10.12
4% 15 years 4.185% $7.40

Calculate My Payments

Based on current rates. Qualifications apply.

Loan Details

  • This loan is secured by a mortgage on your property.
  • Loan may be prepaid at any time without penalty.
  • Closing costs apply.
  • 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. 
  • Eligible projects include most interior and exterior permanent improvements, including but not limited to: roofing, siding, doors/windows, plumbing, electrical, HVAC, insulation, solar, garage, driveways, sidewalks/steps, painting, flooring, additions, and landscaping.
  • 1 bid is required from a properly licensed contractor or registered with the MN Department of Labor.
  • 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.

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 Elk River Loans


woman on phone

Not sure what program works for you? Contact us.