Jordan Senior Deferred Loan
The Jordan Area Community Council has designated City of Minneapolis NRP dollars for improving housing accessibility and energy efficiency.
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About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts from $500 to $5,000.
- No down payment required.
- 1-4 unit owner-occupied residential properties in the Jordan Neighborhood.
- Townhomes, condos, and properties under construction or held in Trust are eligible.
- Loan approval is subject to credit and program guidelines.
- At least one borrower must be at least 62 years of age.
- 0% APR
- Loan is secured by a mortgage on the property.
- Terms up to 10 years – 100% of the loan is forgiven if the borrower owns and occupies the property for 10 years.
- Closing costs apply.
- No income limits.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- Improvements are limited to those that will improve the accessibility to the home and energy improvements including, but not limited to: railings, steps, ramps, high efficiency HVAC, Energy Star windows/doors, Energy Star water heaters, solar, and insulation.
- 2 bids are required from a properly licensed contractor for all projects in excess of $5,000.
- 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).