Blaine: Low-Interest Loan

The City of Blaine's Economic Development Authority (EDA) currently offers low-interest home improvement loan programs for Blaine residents. 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 Terms

  • Loan amounts from $2,000 to $50,000
  • 4% fixed interest rate (4.301% APR)*
  • Terms up to 20 years
  • This loan is secured by a mortgage on your property
  • Closing costs apply
  • ‚ÄčIncome limits apply

Eligible Properties

  • Owner-occupied residential properties
  • 1-4 units
  • Properties under construction or held in Trust or through a contract-for-deed are not eligible 
  • Manufactured homes and co-ops are not eligible

Eligible Improvements

  • Eligible improvements include most, interior or exterior maintenance remodeling or additions.
  • Bids from a licensed contractor, one bid is required for projects under $5,000. All other projects must have at least 2 bids.
  • 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).

*APR based on $15,000 loan for 10 years