Southeast Como Home Improvement Loan
SECIA has made Neighborhood Revitalization Program (NRP) funds available to property owners of the Southeast Como neighborhood to make improvements to their properties.
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 $1,500 to $15,000.
- Terms up to 10 years.
- No down payment required.
Property Eligibility
- 1-2 unit owner-occupied residential structures located in the Southeast Como neighborhood.
- Townhomes, Condominiums and properties held in a Trust or Contract for Deed are eligible.
- Loan approval is subject to credit and program guidelines.
Current Rates
Subject to change at any time. APR based on loan amount of $15,000.
| Rates starting at | Term | APR as low as | Payment example |
|---|---|---|---|
| 2% | 5 years | 2% | $17.53 |
| 2% | 10 years | 2% | $9.20 |
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Based on current rates. Qualifications apply.
Loan Details
- This loan is secured by a mortgage to your property.
- Closing costs apply.
- 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 most interior or exterior maintenance or remodeling.
- Unless part of a larger project or needed to address a potential structural threat: fences, trees, shrubs and non-permanent landscaping are ineligible improvements.
- 2 bids are required from a properly licensed or registered contractor with the MN Department of Labor for projects over $15,000.
- For do-it-yourself projects, a materials list with prices is required. The cost for labor and purchase of equipment 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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