Lowry Hill East: 3% Home Improvement Loan
Lowry Hill East Neighborhood Association (LHENA) is making Neighborhood Revitalization Program (NRP) funds available to property owners of the Lowry Hill East neighborhood to make improvements to their properties. 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 amounts from $2,500 - $30,000
- 3% APR
- Fixed interest rate
- No maximum income limit
- Terms up to 10 years
- This loan is secured by a mortgage on the property
Closing costs apply
- Owner-occupied or absentee owned 1-4 unit residential properties
- Owners of condominiums and townhouses are eligible
- Properties under construction or held in Trust are not eligible
Types of Improvements
- Eligible improvements include most interior or exterior improvements, including accessory dwelling units.
- 1 bid is required from qualified, licensed contractors. Projects over $10,000 may require multiple bids as directed by CEE.
- 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).