Lowry Hill East Low Income Emergency 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 repairs to their properties.
The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. Email or call for complete details.
Hablamos Español: 612-335-5856
Definition of Emergency:
An emergency is defined as a condition that makes a house uninhabitable, extremely dangerous to the occupants, or is capable of causing severe health problems.
About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts from $500 to $5,000.
- No down payment required.
Property Eligibility
- Owner-occupied 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.
Loan Details
- Fixed interest rate.
- Income limits apply.
- Closing costs apply.
- This loan is deferred based on the ownership of the property.
- If the borrower sells or transfers title of the property within the first year of loan closing, 100% of the loan is due.
- If the title is transferred between years one and two, 80% of the loan is due.
- If the title is transferred between years two and three, 60% of the loan is due.
- If the title is transferred between years three and four, 40% of the loan is due.
- If the title is transferred between years four and five, 20% of the loan is due.
- If the borrower owns the property for five years, the loan is 100% forgiven.
- No match required.
- 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.
- All work must be completed within 120 days of closing.
- Eligible improvements include many interior and exterior improvements, plus corrections of code violations or corrections of hazards and health or safety conditions.
- One bid is required from a properly licensed or registered contractor with the Minnesota Department of Labor for projects under $15,000. Two bids are required for projects over $15,000.
- Please contact your City inspections department to verify if your project requires a permit. If you are hiring a contractor to do the work and it requires a permit, the contractor should pull the permit.
- 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).
Browse More Lowry Hill East Loans
Not sure what program works for you? Contact us.