New Hope: Interest Subsidy Program

The City of New Hope has made funds available for New Hope homeowners 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 $2,000 - $10,000
  • 4% fixed interest rate (APR 4.416%)*
  • Income limits apply
  • Terms up to 10 years
  • This loan is secured by a mortgage on the property
  • Closing costs apply

Property Eligibility

  • Owner-occupied residential structures located in the City of New Hope
  • 1-4 units
  • Townhomes and Condos 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.
  • 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. 

*APR is based on $7,500 for 10 years at 4%.

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).