Lowry Hill East Historic Preservation Deferred Loan
Interested residents can apply at any time. Projects are reviewed and approved by the Lowry Hill East Neighborhood Association review committee. Once the project is approved and selected, the loan processing will begin. Please contact LHENA for additional questions about applying and being selected.
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About the Loan
- 0% APR.
- Terms up to 10 years.
- Loan amounts from $2,500 to $10,000.
- Owner-occupied or absentee owned 1-4 unit residential properties.
- Properties will be identified by LHENA based on historical significance.
- 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.
- This loan is secured by a mortgage on your property.
- 100% of the loan is forgiven if the borrower owns and occupies the property for 10 years.
- 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: repairs or replacement of items that will restore the exterior of the property within the context of historical preservation.
- 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 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).