Coon Rapids: Emergency Repair Deferred Loan
The intent of the Coon Rapids Emergency Repair Deferred Loan Program is to provide assistance to property owners in the City of Coon Rapids who face emergency home repairs AND cannot qualify for other housing related programs to remedy the situation. With this in mind, applicant’s eligibility for other financing will be analyzed prior to consideration of the Emergency Repair Deferred Loan.
Definition of Emergency
An emergency is defined as a condition that makes a house uninhabitable, extremely dangerous to the occupants, or is capable of causing severe health problems.
- Loans from $1,000 to $10,000
- 0% APR
- No income limit
- Closing costs apply
- The Deferred Loan is 100% due upon property sale, transfer or is no longer occupied by the borrower.
- 1-4 unit residential units.
- Owner occupied properties including townhomes, twinhomes, condominiums and properties held in a trust.
- Property must be within the City of Coon Rapids boundries.
- Property must be valued at $400,000 or less based on the most recent property tax statement.
- Properties under construction are not eligible.
Types of Improvements
- 1 bid is required from a qualified, licensed contractor.
- All work must be completed within 30 days of closing.
- Eligible improvements will be determined through a required analysis of the emergency condition of the property.
- 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).