Jordan Home Improvement Loan
The Jordan Area Community Council has designated City of Minneapolis NRP dollars for housing rehabilitation programs in the neighborhood. This program is a fixed rate loan that is repayable monthly.
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
- No income limits.
- Loan amounts up to $25,000.
- Terms up to 15 years.
- No down payment required.
- 1-4 unit owner-occupied residential properties located in the Jordan Neighborhood.
- Properties under construction are not eligible.
- Loan approval is subject to credit and program guidelines.
Subject to change at any time. APR based on loan amount of $25,000.
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Based on current rates. Qualifications apply.
- Closing costs apply.
- 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.
- 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.
- Eligible improvements include most interior or exterior maintenance or remodeling.
- 2 bids are required from properly licensed contractors for projects over $15,000.
- 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.
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).