Lowry Hill East: 3% Low-Interest Closed End 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 Terms

  • Loan amounts from $2,500 - $30,000
  • 3% fixed interest rate (APR 3.005%)
  • 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 or absentee owned 1-4 uniy 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 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.
*APR is based on 30,000 for 15 years at 3%.

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).