Richfield Low-Interest Loan

The City of Richfield offers financing homeowners to assist with home maintenance and energy improvements. 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 - $50,000
  • 3% fixed interest rate (APR 3.127%)*
  • Income limits apply
  • Terms up to 20 years
  • This loan is secured by a mortgage on the property
  • Closing costs apply

Property Eligibility

  • Owner-occupied residential properties located in the City of Richfield
  • 1-4 units
  • Individual condo and townhome owners are eligible
  • Properties under construction or held in Trust are not eligible

Types of Improvements

  • Eligible improvements include most interior or exterior remodeling and upgrades.
  • For do-it-yourself projects, a materials list including prices is required. The cost for labor or equipment purchase or rental may not be included in the loan. 

Remodeling Advisor Visit

If you need assistance in identifying and prioritizing improvements, residents can request a remodeling advisor visit where you can receive objective remodeling advice. The service is free and includes an informational visit to your property and assistance with collection and evaluation of bids. To schedule an appointment call 612-335-5856.

 


*APR is based on $50,000 for 20 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).