Lowry Hill East: Exterior Matching Deferred Loan Program

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 612-335-5884 for complete details.

Loan Terms

  • Deferred loan amounts from $500 - $4,000
  • 0% fixed interest rate (0.099% Annual Percentage Rate)*
  • A 1:1 match is required
  • No maximum income limit
  • 100% of the loan will be forgiven if the borrower retains ownership of the property for 5 years from the closing date of the loan
  • This loan is secured by a mortgage on the property
  • Closing costs apply
     

Property Eligibility

  • 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 permanent exterior improvements.
  • A bid is required from a qualified, licensed contractor.
  • For do-it-yourself projects, a materials list with 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 based on $4,000 for 5 years

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).