Brooklyn Park: Rental Rehabilitation Loan Program
The City of Brooklyn Park's Economic Development Authority (EDA) currently offers low-interest rental improvement financing to Brooklyn Park residents. The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. Please call us at 612-335-5884 for complete details.
- Loans amounts from $10,000 to $100,000 (based on number of units and project cost)
- 0% (0.224% APR)* (if the Borrower(s) agree to Rent Limitations) and 3% (3.236% APR)* (if there are no Rent Limitations) fixed interest rates
- Borrowers that agree that rents charged do not exceed 60% AMI affordability levels will be verified annually
- No maximum income limit
- Terms up to 10 years
- This loan is secured by a mortgage on the property
- Closing costs apply
- All 1-16 unit licensed rental properties used for residential purposes located within the City of Brooklyn Park are eligible.
- Individual condominium and townhome units are eligible.
- Properties held in a trust or Contract for Deed are eligible.
Types of Improvements
- Eligible improvements include most permanent interior and exterior improvements, maintenance or remodeling.
- 1 bid is required from a qualified, licensed contractor.
- 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 the loan closing
*APR based on $50,000 for 10 years.
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).