Nokomis East: Low-Interest Revolving Loan
The Nokomis East Neighborhood Association (NENA) is making financing available for home improvements in the Nokomis East neighborhoods (Keewaydin, Minnehaha, Morris Park, and Wenonah). 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 $2,000 - $15,000.
- 3.5% (3.514 APR*) or 4.5% (4.514 APR*) fixed interest rate, depending on income.
- No maximum income limit.
- Terms up to 10 years.
- This loan is secured by a mortgage on the property.
- Closing costs apply.
- 1-4 unit owner-occupied residential structures located in Keewaydin, Minnehaha, Morris Park, or Wenonah neighborhoods.
- Individual condominium, cooperative, and/or townhouse units are eligible.
- Properties under construction or held in trust are not eligible.
Types of Improvements
- Eligible projects include most interior and exterior permanent improvements.
- 2 bids are required from qualified, licensed contractors for projects 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.
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).
*APR is based on $15,000 for 10 years.