Jordan: Senior Deferred Loan

The Jordan Area Community Council has designated City of Minneapolis NRP dollars for improving housing accessibility and energy efficiency. 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 from $500 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
  • One borrower must be at least 62 years of age
  • 1-4 units
  • Townhomes, condos, and properties under construction or held in Trust are eligible

Types of Improvements

  • Improvements are limited to those that will improve the accessibility to the home and energy improvements including, but not limited to: railings, steps, ramps, high efficiency HVAC, Energy Star windows/doors, Energy Star water heaters, solar, and insulation.
  • 2 bids are required for all projects in excess of $5,000
  • Sweat equity eligible

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).