Jordan: Emergency Deferred Loan

To qualify for this program borrower(s) must not be eligible for any other financing administered by CEE.


The Jordan Area Community Council has designated City of Minneapolis NRP dollars for improving housing safety in the neighborhood. 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

  • Loan amounts up to $5,000
  • 0% APR
  • No income limits
  • Terms up to 10 years – No repayment is due if the property owner remains in the home for 10 years
  • This loan is secured by a mortgage on your property
  • Closing costs apply

Property Eligibility

  • Owner-occupied residential structures
  • 1-4 units
  • Townhomes, condos, and properties under construction or held in Trust are eligible

Types of Improvements

  • Eligible improvements will be determined through a required analysis of the emergency condition of the property. The analysis will identify the severity of the situation and whether the intended improvement is an 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.
  • 2 bids are required for all projects in excess of $5,000.
 

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).