Southeast Como: Emergency Deferred

To qualify for this program borrower(s) must not be eligible for any other financing administered by CEE.

The intent of the SECIA  Senior Emergency Deferred Loan Program is to provide funds to owner-occupants of properties who face emergency home repairs and are unable to obtain funds to repair the problem(s) through traditional funding (loan) sources. With this in mind, applicant’s eligibility for other financing will be analyzed prior to consideration of the Emergency Deferred Loan Program. 

Definition of Emergency

An emergency is defined as a condition that makes a house uninhabitable, extremely dangerous to the occupants, or is capable of causing severe health problems.  

Loan Terms

  • Loans from $1,000 - $7,500

  • 0% APR

  • Income limit of 80% area median income (AMI), based on household size and most recent tax return.

  • The loan is 100% due if the property is sold, transferred, or no longer occupied by the borrower within 15 years of the loan closing. 

  • ‚ÄčIf the property has not been sold or transferred and is still occupied by the borrower after 15 years, the loan is 100% forgiven. 

Property Eligibility

  • 1-2 unit owner occupied residential properties located in the Southeast Como Neighborhood

  • Townhomes, Condominiums and properties held in a Trust or Contract for Deed are eligable

Types of Improvements

  • Eligible improvements will be determined through a required analysis of the emergency condition of the property.

  • 2 bids are required from qualified, licensed contractors for projects over $15,000.

  • For do-it-yourself projects, a materials list with prices is required. The cost for labor and purchase of equipment 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. 

Residential Advisor Visits

CEE will assist residential property owners in Southeast Como with assistance in prioritizing and evaluating improvements to their property through a home visit. This service is available regardless of whether the homeowner chooses to obtain a loan. One visit is permitted per household.

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).