New Hope: Low-Interest Loan Program
The City of New Hope is making 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 amounts from $1,500-$10,000
- 4% fixed interest rate (APR 4.043%)
- No Maximum Income Limit
- Terms up to 10 years
- This loan is secured by a mortgage on your property
- Closing costs apply
- Owner occupied and absentee owned residential properties
- 1-4 units
- Townhomes and condos are eligible
- Properties under construction or held in Trust are not eligible
Types of Improvements
- Eligible improvements include interior or exterior maintenance or remodeling.
- 2 bids are required from a qualified, licensed contractor if over $5,000.
- 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.
- 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 is based on $5,000 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).