Coon Rapids: Deferred Loan Program
The City of Coon Rapids currently offers deferred payment home improvement financing to provide assistance to property owners who face home repairs and are low income. The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. Call us at 612-335-5884 for complete details.
- Loan amounts from $1,000 to $15,000
- 0% APR
- Maximum income limit is 50% of AMI based on household size and most recent tax return
- 100% is due upon property sale, transfer or is no longer occupied by the owner
- This loan is secured by a mortgage on your property
- Closing costs apply
- Owner-occupied 1-4 unit properties.
- The borrower must occupy the property as their primary place of residence.
- Townhomes, twinhomes, condo units and properties held in a trust are eligible.
- Properties under construction are not eligible.
- Property must be valued at $400,000 or less based on most recent property tax statement.
Types of Improvements
- General, permanent improvements including alterations, renovations or repairs to correct defects or deficiencies affecting buidling code, safety, habitability, energy consumption or accessibility to the property.
- CEE will come out to the property to do an inspection where they will identify and prioritize eligible projects.
- 1 bid is required from a qualified, licensed contractor.
- All work must be completed within 120 days of closing.
- 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. Progress payments are available.
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).