Brooklyn Park: 0% Senior Deferred

The City of Brooklyn Park's Economic Development Authority (EDA) currently offers 0% home improvement financing to senior Brooklyn Park 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

  • Loans amounts from $2,000 to $25,000

  • 0% fixed interest rate (.083% APR)

  • The Deferred Loan is 100% due when the borrower sells, transfers ownership or no longer occupies the property as the primary residence

  • One borrower must be at least 62 years of age

  • 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

Types of Improvements

  • A property inspection will be performed to determine project eligibility and prioritization. If there are no health, safety or code violations the borrower may use for any permanent exterior or interior improvements.

  • Eligible improvements include most interior or exterior, maintenance or remodeling

  • 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 30 years.