Jordan Emergency Deferred Loan
The Jordan Area Community Council has designated City of Minneapolis NRP dollars for improving housing safety in the neighborhood.
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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.
About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts from $500 to $5,000.
- No down payment required.
- Owner-occupied 1-4 unit residential properties.
- Townhomes, condos, and properties under construction or held in Trust are eligible.
- Loan approval is subject to credit and program guidelines.
- To qualify for this program borrower(s) must not be eligible for any other financing administered by CEE.
- Closing costs apply.
- Terms up to 10 years – 100% of the loan is forgiven if the borrower owns and occupies the property for 10 years.
- No income limits.
- This loan is secured by a mortgage on your property.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- Eligible improvements will be determined through a required analysis of the emergency condition of the property. The analysis will identify the severity of the situation and whether the intended improvement is an emergency.
- 2 bids are required from a properly licensed contractor if the project is over $5,000.
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).