Coon Rapids: Home for Generations II Program
The City of Coon Rapids, together with the Coon Rapids Home Improvement Foundation, currently offers low-interest home improvement financing and remodeling advisor services to Coon Rapids residents. 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.
To be eligible for this program applicants must first apply to the City for the grant and rebate portion of the Home for Generations II program. Apply Here. Once that application is submitted, applicants interested in the financing portion of this program may submit their application to CEE.
- No maximum income limit
- Loan amounts from $2,000 to $50,000
- 4.0% fixed interest rate (4.130 APR)*
- Terms up to 20 years
- This loan is secured by a mortgage on your property
- Closing costs apply
- Owner-occupied single-family structures at least 20 years old within the City of Coon Rapids.
- The borrower must occupy the property as their primary place of residence.
- Properties held in a trust are eligible.
- Properties under construction are not eligible.
Types of Improvements
- There is a minimum project cost of $35,000 and borrowers must obtain their Participation Agreement with the City of Coon Rapids before the borrower can receive final approval and close on their loan with CEE.
- 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. Progress payments are available.
- Addition to residential living space
- Conversion of unfinished basement or attic space to living space
- Covered front entry porch and/or enclosed entry (but not decks)
- Conversion of garage to living space
- Kitchen, bath, or basement remodel and addition of bathroom(s)
- Windows, siding, doors, mechanical upgrades and roofs qualify but only in conjunction with an eligible addition or major remodeling project as listed above
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 is based on $50,000 loan for 20 years.