Lowry Hill East Home Improvement Loan

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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. 

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 maximum income limit.
  • Loan amounts from $2,500 to $30,000.
  • Terms up to 10 years.
  • No down payment required. 

Property Eligibility

  • 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.

Current Rates

Subject to change at any time. APR based on loan amount of $30,000. 

Rates starting at Term APR as low as Payment example
3% 5 years 3% $17.97
3% 10 years 3% $9.66

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Based on current rates. Qualifications apply.

Loan Details

  • This loan is secured by a mortgage to your property.
  • Closing costs apply.
  • Fixed interest rate. 
  • 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 improvements, including accessory dwelling units.
  • Unless part of a larger project or needed to address a potential structural threat: fences, trees, shrubs and non-permanent landscaping are ineligible improvements.
  • 1 bid is required from a properly licensed or registered contractor with the MN Department of Labor 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.
  • Our experience has shown that Big Box Stores are not willing to be paid on completion, which is a requirement for this program.

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).

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