South Uptown 1-10 Unit Home Improvement Loan

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The South Uptown neighborhood recently allocated NRP funds to finance general home improvements to eligible properties in the South Uptown Neighborhood.

The guidelines below are subject to change at any time without notice. Loan funds are subject to availability.

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About the Loan

  • No maximum income limit.
  • Loan amounts from $2,500 to $50,000.
  • Terms up to 10 years.
  • No down payment required. 

Property Eligibility

  • 1-10 unit owner-occupied or absentee-owned residential properties.
  • Condo and townhome associations are eligible to apply for projects that improve the common areas only.
  • All business applicants must be a registered business with the MN Secretary of State and all borrowers must be legal residents of the United States, as evidenced by a social security number, including: U.S. Citizens, Permanent Resident Aliens, and Non-Permanent Resident Aliens. Tax identification numbers (ITIN) are not acceptable
  • Loan approval is subject to credit and program guidelines.

Current Rates

Subject to change at any time. APR based on loan amount of $50,000. 

Rates starting at Term APR as low as Payment example
1.99% 5 years 1.99% $17.52
1.99% 10 years 1.99% $9.20

Calculate My Payments

Based on current rates. Qualifications apply.

Loan Details

  • 1.99% APR.
  • Fixed interest rate.
  • Closing costs apply.
  • This loan is secured by a mortgage on your property.
  • Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
  • 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 projects for exterior of dwellings that correct outstanding violations of City of Minneapolis housing code, correction of other hazardous code, health or safety related conditions as identified by CEE.  
  • Additional eligible exterior projects (repair, replace or install new) including: painting: siding or trim; siding/stucco/eaves/fascia (new vinyl and T111 siding to cover or replace existing wood siding is not eligible); doors and windows; roof; gutters and downspouts; masonry; porches; decks(repair and replace only; rear yard only); patios (repair and replace only); structural and foundation problems; sidewalks and steps; driveways; retaining walls; accessibility improvements; and solar panels (owned by applicant and affixed to the subject property) which can be for the purpose of generating electricity or hot water (an approved energy audit is required for solar prior to loan request).
  • 2 bids are required from a properly licensed contractor if project is over $15,000.
  • For do-it-yourself projects, a materials list including prices is required. The cost for labor and the purchase of tools may not be included in the loan.

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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