Logan Park Deferred Loan
LPNA has made Neighborhood Revitalization Program (NRP) funds available for homeowners in the Logan Park community to assist with improvements to their property.
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About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts from $1,000 to $3,000.
- Borrowers may be required to provide matching funds determined by income.
- 1-4 unit owner-occupied residential properties in the Logan Park neighborhood.
- Individual owners of condos or townhomes are eligible.
- Properties held in Trust are not eligible.
- Loan approval is subject to credit and program guidelines.
- Income limits apply.
- Closing costs apply.
- This loan is secured by a mortgage on the property.
- This loan will be 100% forgiven if the borrower owns and occupies the property for 7 years from the loan closing date.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- Eligible improvements include any permanent interior or exterior improvements made to the house or garage.
- For projects under $15,000 one bid is required from properly licensed contractor. Two bids are required 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.
- 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.
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).