Mounds View Emergency Repair Deferred Loan
The intent of the Mounds View Emergency Repair Loan Program is to provide funds to owner-occupants of properties who face emergency home repairs and are unable to obtain funds to repair the problem(s) through traditional funding sources.
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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 $1,000 to $5,000.
- No down payment required.
- 1-4 unit residential properties located in the City of Mounds View.
- 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.
- No income limits.
- No closing costs.
- The Deferred Loan is 100% due if the property ownership changes.
- All borrowers must be a legal resident of the United States, as evidenced by a social security number.
- Eligible improvements will be determined through a required analysis of the emergency condition of the property.
- 2 bids are required from properly licensed contractors for projects over $5,000.
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).