Lowry Hill East: Historic Preservation Closed End Loan
Interested residents can apply for this program once a year. Projects are reviewed and approved by the Lowry Hill East Neighborhood Association review committee. For this program, all applicants must apply through LHENA at 2101 Hennepin Ave S, Ste 100, Minneapolis, 55405. For more information call 612-367-6468, or email email@example.com. Once the project is approved and selected, the loan processing will begin. Please contact LHENA for additional questions about applying and being selected. Loans must be submitted by March 15, 2017.
The 2017 application deadline will be March 15, 2017.
- Loan amounts from $2,500 to $10,000
- 0% fixed interest rate (0.2% Annual Percentage Rate)*
- No maximum income limit
- 1:1 match is required
- Term is 10 years
- This loan is secured by a mortgage on the property
- Closing costs apply
- This program is only offered once a year for homeowners who are selected by the LHENA review committee and must be submitted by March 15, 2017.
- Owner occupied or absentee owned residential properties
- Properties will be identified by LHENA based on historical significance.
- 1-4 unit residential properties
- Properties under construction or held in Trust are not eligible.
Types of Improvements
Will be determined by the Lowry Hill East Neighborhood Association and may include:
- Eligible improvements include: repairs or replacement of items that will restore the exterior of the property within the context of historical preservation.
- 2 bids from qualified, licensed contractors is required for projects over $5,000.
- 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 at CEE from loan closing until the work is completed and all final docmentation is received.
*APR based on $10,000 for 10 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).