Phillips West Home Improvement Loan

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The Phillips West Neighborhood Organization (PWNO) has made funds available to property owners of the Phillips West Neighborhood to make improvements to their home.

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 $1,000 to $25,000.
  • Terms up to 15 years.
  • No down payment required. 

Property Eligibility

  • 1-4 unit owner-occupied or absentee owned residential structures located in the Phillips West Neighborhood.
  • Individual condominium, cooperative, townhomes and properties held in a trust are eligible.
  • Properties under construction or used for commercial purposes are not eligible.
  • Contract for Deed is not eligible.
  • Loan approval is subject to credit and program guidelines.

Current Rates

Subject to change at any time. APR based on loan amount of $25,000. 

Rates starting at Term APR as low as Payment example
2% 5 years 2% $17.53
2% 10 years 2% $9.20
2% 15 years 2% $6.44

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Based on current rates. Qualifications apply.

Loan Details

  • 2% APR.
  • Fixed interest rate.
  • Closing costs apply.
  • This loan is secured by a mortgage on your property.
  • 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. 
  • Eligible projects include most interior and exterior permanent improvements.
  • Unless part of a larger project or needed to address a potential structural threat: fences, trees, shrubs and non-permanent landscaping are ineligible improvements.
  • 2 bids are required from a properly licensed or registered contractor with the MN Department of Labor for projects over $5,000. 
  • For do-it-yourself projects, a materials list including prices is required. The cost for labor and the purchase of tools may not be included in the loan. 

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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