Standish Ericsson: Home Improvement Programs

Home Improvement Loan
Deferred Loan
Purchase Assistance Deferred Loan


Standish Ericsson neighborhood  has designated City of Minneapolis NRP dollars for improving and purchasing homes 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.

 

Home Improvement Loan

Loan Terms

  • Loan amounts from $1,500 - $10,000
  • 1.75% APR
  • Fixed interest rate 
  • Terms up to 10 years
  • This loan is secured by a mortgage on the property
  • Closing costs apply
  • Income limits apply

Property Eligibility

  • Owner-occupied 1-4 unit residential properties within the Standish Ericsson neighborhood
  • Individual condominium, and/or townhouse units are eligible
  • Properties held in a trust are eligible
  • Borrowers may only have a maximum of two outstanding loans (from any combination of programs) at any one time. The cumulative outstanding balance of all revolving loans on the property cannot exceed the maximum program limit.

Types of Improvements

  • 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 other non-permanent landscape improvements are not eligible.
  • 2 bids are required from qualified, licensed contractors for projects over $15,000. 
  • 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. 

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. 
 

Deferred Loan

Loan Terms

  • Loans from $1,000 - $7,500
  • 0% APR
  • Fixed interest rate  
  • Loan will be deferred until the borrower sells or transfers title of the property, at which time 100% of the loan is due
  • Income limits apply

Property Eligibility

  • Owner-occupied 1-4 unit residential properties within the Standish Ericsson neighborhood
  • Borrowers may only have a maximum of two outstanding loans (from any combination of programs) at any one time. The outstanding balance must be within the overall maximum program limit.

Types of Improvements

  • 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 other non-permanent landscape improvements are not eligible.
  • 2 bids are required from qualified, licensed contractors for projects over $15,000. 
  • 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. 
 

Purchase Assistance Deferred Loan

To ensure funding we need a signed and executed purchase agreement and the application must be submitted at least four weeks prior to closing.

Loan Terms

  • Loan amounts up to $2,000
  • 0%  APR 
  • Fixed interest rate 
  • Income limits apply
  • Loan will be deferred until the borrower sells or transfers title of the property, at which time 100% of the loan is due
  • Funds may be used for down payment or closing costs
  • Homebuyer(s) must attend a Home Stretch workshop or other valid homebuyers course offered through an approved counseling agency by the US Department of Housing and Urban Development.

Property Eligibility

  • Owner-occupied 1-4 unit residential properties within the Standish Ericsson neighborhood
  • Townhomes, condominiums, and properties held in a trust are eligible
  • Borrowers may only have a maximum of two outstanding loans (from any combination of programs) at any one time.


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).