INACTIVE: Field Regina Northrop Home Improvement Loan
No funding is currently available for this program. Please check back soon. In the meantime, visit our Loan page for all available programs.
The Field Regina Northrop Neighborhood Group has designated City of Minneapolis NRP dollars for housing rehabilitation programs in the neighborhood. This program is a fixed rate loan that is repayable monthly.
The guidelines below are subject to change at any time without notice. Loan funds are subject to availability.
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About the Loan
- No income limit.
- Loan amounts from $2,000 to $15,000.
- Terms up to 10 years.
- No down payment required.
Property Eligibility
- 1-4 unit residential properties located within the boundaries of the Field Regina Northop Neighborhood.
- Properties under construction or used for commercial purposes are not eligible.
- Loan approval is subject to credit and program guidelines.
Current Rates
Subject to change at any time. APR based on loan amount of $15,000.
| Rates starting at | Term | APR as low as | Payment example |
|---|---|---|---|
| 3% | 5 years | 3% | $17.97 |
| 3% | 10 years | 3% | $9.66 |
Calculate My Payments
Based on current rates. Qualifications apply.
Loan Details
- This loan is secured by a mortgage to your property.
- Closing costs apply.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- All work must be completed within 120 days of closing.
- Eligible improvements include most interior or exterior maintenance or remodeling including egress windows, solar photovoltaic, foundation repair, furnace, water heaters, windows and doors.
- Unless part of a larger project or needed to address a potential structural threat, decks, porches, retaining walls, garages, fences, trees, shrubs, and other non-permanent landscape improvements are not eligible.
- For do-it-yourself projects, a materials list including prices is required. The cost for labor and the purchase of tools may not be included in the loan.
- One bid from a properly licensed or registered contractor with the Minnesota Department of Labor is required for projects under $15,000, minimum of two bids for projects that cost greater than $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.
- 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).
Browse our other Field Regina Northrop loan options.