Lind Bohanon: Low Interest Loan Program

The Lind Bohanon Neighborhood Association has designated City of Minneapolis NRP dollars for housing rehabilitation programs in the neighborhood. This program is a low interest fixed rate loan that is repayable monthly. 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

  • No income limits
  • Loan amounts up to $25,000
  • 3%  fixed interest rate (3.014% Annual Percentage Rate)*
  • Terms up to 10 years
  • This loan is secured by a mortgage on your property
  • Closing costs apply
     

Property Eligibility

  • Owner-occupied residential structures
  • 1-4 units
  • Properties under construction or held in Trust are not eligible

Types of 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.
  • 2 bids are required from a qualified, licensed contractor if the project is over $5,000.
  • 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 is based on $15,000 for 120 months at 3%.