Field Regina Northrop Emergency Deferred Loan
The Field, Regina, Northrop Neighborhood Group has made NRP funds available for homeowners in the community that have emergency situations.
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 to $5,000.
- No down payment required.
Property Eligibility
- 1-4 unit owner-occupied residential properties.
- Individual condo and townhome owners and properties held in a trust are eligible.
- 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.
- No income limits.
- Closing costs apply.
- 100% of the loan is forgiven if the borrower owns and occupies the property for 10 years.
- This loan is secured by a mortgage on your property.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- Eligible improvements include emergency improvements. Examples of an emergency situation are; a sewage back up inside the property, furnace failure or no heat in extreme cold months of the year, a sizeable whole in roof or window cavity.
- Eligible improvements will be determined by an on-site visit to the property.
- Unless part of a larger project or needed to address a potential structural threat: fences, trees, shrubs and other non-permanent landscape improvements are not eligible.
- One bid from a properly licensed or registered contractor with the MN Department of Labor is required for projects under $15,000, minimum of two bids for projects that cost greater than $15,000.
- Funds are held by CEE 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).
