Logan Park: Home Improvement and Emergency Loans

Low-Interest Home Improvement
Forgivable Home Improvement Loan
Emergency Deferred Loan


The Logan Park Neighborhood Association (LPNA) has made Neighborhood Revitalization Program (NRP) funds available to provide low interest and emergency loans to homeowners in the Logan Park 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.

 

Low-Interest Home Improvement

Loan Terms

  • Loan amounts from $2,000 - $15,000
  • 4% APR
  • Fixed interest rate 
  • No maximum income limit
  • Terms up to 15 years
  • This loan is secured by a mortgage on the property
  •  Closing costs apply

Property Eligibility

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

Types of Improvements

  • Eligible improvements include most interior and exterior maintenance or remodeling. 
  • 2 bids are required from qualified, licensed contractors for projects over $5,000.
  • 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. 
  • 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. 

Forgivable Home Improvement Loan

Loan Terms

  • Loan amounts from $1,000 - $3,000*
  • 0% APR
  • Fixed interest rate
  • No maximum income limit
  • 1:1 match may be required by borrower, depending on income
  • This loan will be 100% forgiven if the owner remains on the property for 7 years from the loan closing date
  • This loan is secured by a mortgage on the property
  • Closing costs apply

*Borrowers who have previously used the Logan Park Deferred Loan program are not eligible to apply for funds until after March 1, 2014.

Property Eligibility

  • 1-4 unit owner-occupied, homesteaded properties in the Logan Park neighborhood
  • Individual owners of condos or townhomes are not eligible
  • Properties under construction or held in a Trust are not eligible

Types of Improvements

  • Eligible improvements include most interior and exterior maintenance or remodeling. 
  • 2 bids are required from qualified, licensed contractors for projects over $5,000.
  • 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. 
  • 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. 



Emergency Deferred Loan

Definition of Emergency

  • An emergency is defined as a condition which makes the home dangerous or inhabitable. Example: redtagged furnace during the heating season.

Loan Terms

  • Deferred loan amounts from $500 - $5,000
  • 0% APR
  • Fixed interest rate
  • No maximum income limit
  • This loan will be 100% forgiven if the owner remains on the property for 10 years from the loan closing date
  • This loan is secured by a mortgage on the property
  • Closing costs apply

Property Eligibility

  • 1-4 unit owner-occupied residential properties
  • Individual owners of condos or townhomes are not eligible. 
  • Properties under construction or held in Trust are not eligible. 

Types of Improvements

  • Eligible improvements include emergency improvements as defined above. Qualifying improvements will be determined by a site visit to the property.
  • A bid from a qualified, licensed contractor is required. 
  • 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. 
  • 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).