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 from $2,500 to $30,000.
- Terms up to 10 years.
Property Eligibility
- 2+ unit multifamily properties within the Lowry Hill East Neighborhood.
- Maximum gross rents must be verified and may not exceed 50% of area median income (AMI) as established by the Metropolitan Council.
- 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 |
Calculate My Payments
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.
- All work must be completed within 120 days of closing.
- Most interior and exterior improvements eligible, including accessory dwelling units. Examples include: Renovations or repairs to an existing structure that materially preserve or improve the basic livability, safety, conservation, or utility of the property; lead-based paid (LBP) exposure reduction and clearance; asbestos abatement; and radon mitigation.
- Unless part of a larger project or needed to address a potential structural threat, fences, trees, shrubs, and non-permanent landscaping are ineligible improvements.
- Work begun before the loan is closed is ineligible.
- 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).
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