Holland Home Improvement Installment Loan
The Holland Neighborhood Improvement Association (HNIA) has made Neighborhood Revitalization Program (NRP) funds available to eligible Holland property owners to complete home improvements.
The guidelines below are subject to change at any time without notice. Loan funds are subject to availability.
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About the Loan
- 4.75% (4.75% APR)*
- Income limits apply.
- Loan amounts from $5,000 to $15,000.
- Terms depend on loan amount.
*APR based on a loan amount of $15,000 over 10 years.
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
- Income limit is 80% 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.
- Fixed interest rate.
- Closing costs apply.
- This loan is secured by a mortgage on your property.
- 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.
- Work must be completed within 120 days of loan closing.
- Eligible improvements include most of the energy improvements listed here. Additional interior improvements are limited to code correction violations, accessibility improvements, and health measures such as lead abatement or the removal of asbestos, carbon monoxide, mold, or radon.
- Repair or replacement of windows or doors is not eligible.
- Work initiated prior to the loan closing is not eligible unless due to an emergency.
- Unless part of a larger project or needed to address a potential structural threat, fences, trees, shrubs, and non-permanent landscaping are not eligible improvements.
- 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.
- For do-it-yourself projects, a materials list including prices is required. The cost for labor and the purchase of tools may not be included in the loan.
- 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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