Field Regina Northrop Home Improvement Loan
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.
- 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.
- 1 bid from a properly licensed or registered contractor with the MN Department of Labor is required for projects under $15,000, minimum of 2 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).
