Logan Park: Emergency Deferred Loan

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

LPNA has made Neighborhood Revitalization Program (NRP) funds available for homeowners in the Logan Park community that have emergency situations. 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.

Definition of Emergency

An emergency is defined as a condition which makes the home dangerous or inhabitable. Example: A furnace that doesn't work 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 7 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.

  • For projects under $15,000 one bid is required from qualified, licensed contractor. Two bids are required for projects over $15,000. 

  • 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. 

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).