Marshall Terrace Emergency Deferred Loan
Funds are available to residents of the Marshall Terrace neighborhood who need to make emergency repairs to their properties.
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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.
- Owner-occupied 1-4 unit residential properties.
- Properties under construction or used for commercial purposes are not eligible.
- Loan approval is subject to credit and program guidelines.
- To qualify for this program borrower(s) must not be eligible for any other financing administered by CEE.
- Fixed interest rate.
- 100% of the loan is forgiven if the borrower owns and occupies the property for 10 years.
- Income limits apply.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- Eligible improvements include repairs to emergency conditions as defined above and verified by CEE as determined through an Emergency Confirmation Inspection of the property.
- 2 bids are required from a properly licensed contractor if the project is over $15,000.
- 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.
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).