Roseville Senior Deferred Loan

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The Roseville Economic Development Authority (REDA) currently offers home improvement financing to senior Roseville residents.

The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. Email or call for complete details. 

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About the Loan

  • 0% (.089% APR)*
  • No monthly payments.
  • Loan amounts from $5,000 to $25,000.
  • No down payment required. 

*APR based on $25,000 for 30 year term.

Property Eligibility

  • 1-4 unit, owner-occupied residential properties located in the City of Roseville. 
  • Condominiums and townhomes are eligible.
  • Loan approval is subject to credit and program guidelines.
  • Property must be at least 25 years old and have an estimated market value at or below $383,460.
  • At least one borrower must be at least 62 years of age. 

Loan Details

  • The loan is 100% due when the borrower sells, transfers ownership or no longer occupies the property as the primary residence.
  • Closing costs apply.
  • No income limit. 
  • 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 improvements include most interior or exterior, maintenance or remodeling. 
  • A property inspection will be performed to determine project eligibility and prioritization. If there are no health, safety or code violations the borrower may use for any permanent exterior or interior improvements.
  • For do-it-yourself projects, a materials list including prices is required.  The cost for labor and equipment purchase or rental may not be included in the loan. 
  • 1 bid is required from a properly licensed contractor or registered with the MN Department of Labor.
  • Assessments from an association are NOT eligible.

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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