Fridley: Senior Deferred Loan Program
The City of Fridley’s Housing and Redevelopment Authority (HRA) wants to provide an incentive for Fridley seniors to make home improvements that will allow them to remain in their homes and/or update the homes for a future sale.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.
- No income limits.
- Loan amounts from $5,000 to $25,000.
- 0% interest rate (0.083% APR*).
- One borrower must be over 62 years of age.
- This loan is secured by a mortgage and is due on the sale, transfer or if the property is no longer owner occupied.
- Closing costs apply.
- Owner-occupied residential properties.
- 1-4 unit properties within the City of Fridley.
- Properties under construction or used for commercial purposes are not eligible.
Types of Improvements
- Eligible improvements include most interior or exterior projects as determined by a property inspection.
- Bids are 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. Such an offer may only be made pursuant to Minnesota Statutes, Section 47.206(3) and (4).
*APR based on $25,000 for 30 years.