Lowry Hill East Exterior Matching Deferred Loan
Lowry Hill East Neighborhood Association (LHENA) is making Neighborhood Revitalization Program (NRP) funds available to property owners of the Lowry Hill East neighborhood to make improvements to their properties.
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About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts from $500 to $4,000.
- Owner-occupied or absentee owned 1-4 unit residential properties.
- Owners of condominiums and townhouses are eligible.
- Properties under construction or held in Trust are not eligible.
- Loan approval is subject to credit and program guidelines.
- No maximum income limit.
- Closing costs apply.
- Fixed interest rate.
- 100% of the loan is forgiven if the borrower owns and occupies the property for 5 years.
- This loan is secured by a mortgage on your property.
- 1:1 matching is required.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- Eligible improvements include most permanent exterior improvements.
- 1 bid is required from a properly licensed contractor for projects under $15,000. 2 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).