Lind Bohanon: Low Interest & Home Purchase Programs

Low Interest Loan


The Lind Bohanon Neighborhood Association has designated City of Minneapolis NRP dollars for housing rehabilitation and purchasing programs in the neighborhood. 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. Browse our statewide financing options.
 

Low Interest Loan

Loan Terms

  • No income limits.
  • Loan amounts from $2,000 to $25,000.
  • 3% APR.
  • Fixed interest rate.
  • Terms up to 10 years.
  • This loan is secured by a mortgage on your property.
  • Closing costs apply.

Property Eligibility

  • Owner-occupied residential structures.
  • 1-4 units.
  • Properties under construction or used for commercial purposes are not eligible.

Types of Improvements

  • Eligible improvements include most interior or exterior maintenance or remodeling.  
  • 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.
  • 2 bids are required from a qualified, licensed contractor if the project is over $5,000.
  • 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).