Lowry Hill East: Low Income Emergency 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 repairs 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.
- Deferred loan amounts from $500 to $5,000
- 0% APR
- Fixed rate
- No match required
- Income limits apply
- 100% of the loan is forgiven after 5 years of ownership from the closing date of the loan
- Owner-occupied 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 exterior improvements, correction of code violation and health of safety improvements.
- 2 bids are required from a qualified licensed contractor if the project is over $5,000.
- 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 $5,000 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).