Standish Ericsson: Home Improvement Programs

Home Improvement Revolving Loan
Low Income 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 Revolving Loan

Loan Terms

  • Loan amounts from $1,500 - $10,000
  • 2.99% APR
  • Fixed interest rate 
  • Terms up to 10 years
  • This loan is secured by a mortgage on the property
  • Closing costs apply
  • Income limit of 80% of AMI based on household size and the adjusted gross income from the most recent tax return.
Family Size Income Limit
1 $50,350
2 $57,550
3 $64,750
4 $71,900
5 $77,700
6 $83,450
7 $89,200
8+ $94,950


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.

Types of Improvements

  • Eligible projects include most interior and exterior permanent improvements.
  • 2 bids are required from qualified, licensed contractors for projects over $5,000. 
  • 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. 

 

Low Income 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 limit of 50% of AMI based on household size and the adjusted gross income from the most recent tax return
Family Size Income Limit
1 $33,050
2 $37,750
3 $42,450
4 $47,150
5 $50,950
6 $54,700
7 $58,500
8+ $62,250

Property Eligibility

  • 1-4 unit residential
  • Owner occupied
  • Property must be within the Hawthorne neighborhood 

Types of Improvements

  • Eligible projects include most interior and exterior permanent improvements.
  • 2 bids are required from qualified, licensed contractors for projects over $5,000. 
  • 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

Loan Terms

  • Loan amounts up to $2,000
  • 0%  APR 
  • Fixed interest rate 
  • No income limits
  • 10 year term, after which the loan is forgiven
  • 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 residential structures
  • 1-4 unit properties located in the Standish Ericsson Neighborhood
  • Townhomes, condominiums, and properties held in a trust are 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).