St. Louis Park: Move Up in the Park Deferred Loan Program
The City of St. Louis Park currently offers home improvement financing for St. Louis Park residents who are increasing the square footage of their homes by building an addition either up or out from the existing property. 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 up to 25% of the project costs from $8,750 - $25,000
- 0% fixed interest rate (0.204% APR*)
- Income limits apply
- 100% forgiven if borrower remains in the home for 30 years
- This loan is secured by a mortgage on the property
- Closing costs apply
- Loans greater than $10,000 require an energy audit to be conducted
- Owner-occupied, single family homes located in the City of St. Louis Park
- Properties under construction or held in Trust are not eligible.
Types of Improvements
- Eligible improvements include: renovations that significantly increase the square footage of the property.
- For do-it-yourself projects, a materials list including prices must be included. The cost for labor and equipment purchase or rental may not be included.
- 1 bid is required from a licensed contractor.
- 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.
Architectural Design Service
For assistance in the design of your expansion project, the city offers an architectural design service. For more info visit www.stlouispark.org or call (952) 924-2196.
*APR is based on $25,000 for 30 years.
he 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).