New Hope: Emergency Deferred Loan
The New Hope Emergency Deferred Loan is designed specifically for homeowners in the City of New Hope that have emergency improvement needs but do not qualify for other home improvement loan or grant programs. 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.
Definition of Emergency
An emergency is defined as an imminent condition that makes a house uninhabitable, extremely dangerous to the occupants, or is capable of causing severe health problems.
- Loan amounts from $1,000 - $5,000
- 0% fixed interest rate
- Loan is 100% forgiven if borrower remains in their home for 10 years and maintains homestead status
- This loan is secured by a mortgage on the property
- Closing costs apply
- Owner-occupied properties located in the City of New Hope
- 1-4 units
- Condos and townhomes are eligible with approval from the City of New Hope
- Properties under construction or held in Trust are not eligible
Types of Improvements
- Eligible improvements include emergency improvements based on a site visit to the property.
- A bid from a qualified, licensed contractor is required.
- 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).