Holland Emergency Deferred Loan
The Holland Neighborhood Improvement Association (HNIA) has made Neighborhood Revitalization Program (NRP) funds available to eligible Holland property owners to complete emergency home 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.
Hablamos Español: 612-335-5856
Definition of Emergency:
An emergency is defined as a condition that makes a house uninhabitable, extremely dangerous to the occupants, or capable of causing severe health problems.
About the Loan
- 0% APR
- Income limits apply
- No monthly payments
- Loan deferred for 10 years
- Loan amounts from $3,000 to $10,000
Property Eligibility
- 1–4 unit owner-occupied residential properties located in the Holland neighborhood
- Individually owned condominiums, cooperatives, and townhomes are eligible
- Properties held in a Trust are eligible
- Loan approval is subject to credit and program guidelines
Loan Details
- 0% APR
- Income limit is 50% of the area median income (AMI) based on family size. Income is determined by the adjusted gross income from the most recent federal tax return. If a tax return is not required, income will be based on projected income for the next 12 months.
- Loan is deferred for 10 years. If, after 10 years, the borrower remains in the property and maintains ownership, the loan will be 100% forgiven.
- This loan is secured by a mortgage on your property.
- This is a last resort program. Borrowers who are eligible for other programs offered by CEE are not eligible for this program.
- All work must be completed within 30 days of closing.
- Funds are held in a non-interest bearing escrow account at CEE from loan closing until the work is completed, the work is inspected, and all final documentation is received.
- An emergency is defined as a condition that makes a house uninhabitable, dangerous to occupants, or capable of causing several health problems.
- Repairs that remedy such emergencies are eligible. Eligible improvements will be determined by a site visit by CEE to analyze the emergency condition of the property.
- Examples of eligible repairs may include, but are not limited to: water lines, sewer service, fire hazards, repairs to exterior steps, railings, retaining walls, water seepage into a basement, structural problems, or replacement of a furnace or water heater.
- Work initiated prior to the loan being closed is not eligible.
- One bid from a properly licensed or registered contractor with the Minnesota Department of Labor is required for projects under or at $15,000. Two bids are required for projects more than $15,000.
- Please contact your City inspections department to verify if your project requires a permit. If you are hiring a contractor to do the work and it requires a permit, the contractor should pull the permit.
- Our experience has shown that Big Box Stores are not willing to be paid on completion, which is a requirement for this program.
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).
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