Lowry Hill East Multifamily Residential Loan
The Lowry Hill East Neighborhood Association (LHENA) seeks to assist Multifamily property owners in the rehabilitation of existing multifamily 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 up to $30,000.
- Terms up to 10 years.
Property Eligibility
- 2+ unit multifamily properties within the Lowry Hill East Neighborhood.
- 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
- 1:1 match required.
- 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.
- Most interior and exterior improvements eligible 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.
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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