Brooklyn Park: Code Enforcement Loan

The City of Brooklyn Park's Economic Development Authority (EDA) currently offers financing to repair the safety and structural integrity of a home. 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

  • Loans amounts from $1,000 to $25,000

  • 2% fixed interest rate (2.175% APR)

  • No income limits

  • Terms up to 15 years

  • This loan is secured by a mortgage on your property

  • Closing costs apply

Property Eligibility

  • Owner-occupied properties

  • 1-4 units

  • Owner occupants of condominiums and townhouses are also eligible

  • Properties held in Trust are eligible

Eligible Improvements

  • Improvements must address corrective actions required by the city. Repairs must be directed at improving the safety and structural integrity of a housing unit.

  • 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.

  • 1 bid is required from a qualified, licensed contractor.

  • 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 based on $25,000 loan for 15 years.