Elk River: Housing Rehabilitation Loan
The City of Elk River is making financing available for homeowners to make property improvements. The Elk River Revolving 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. Please call us at 612-335-5884 for complete details.
- Loan amounts from $5,000 - $25,000.
- 4% (4.185 APR*) fixed interest rate.
- No maximum income limit.
- Terms up to 15 years.
- This loan is secured by a mortgage on the property.
- Closing costs apply.
- 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.
Types of Improvements
- 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 qualified, licensed contractor for all projects.
- 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.
- 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).
*APR is based on $25,000 for 15 years.