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Rehabilitation Loan Program
Northwest Minnesota Multi-County Housing and Redevelopment Authority
is presently taking applications for the Minnesota Housing Finance
Agency's Rehabilitation Loan program. The Rehabilitation Loan
program assists low income homeowners in financing basic home
improvements that directly affect the safety, habitability, energy efficiency
or accessibility of their homes. Electrical wiring, furnace
replacement, plumbing, siding, roofing and septic repairs, as well as
improvements to the energy efficiency or to any lead-based paint
hazards, are just some of the possible repairs. This money can be
used for rehabilitation of single-family homes, duplexes and townhomes
and manufactured housing taxed as real or personal property. All
loans are forgiven if the borrower does not sell, transfer title, or
ceases to occupy the property during the loan term.
The maximum loan amount for this program is $15,000, with a maximum
loan term of 20 years for properties taxed as real property or 15 years
for mobile/manufactured homes taxed as personal property located in a
mobile home park.
You may be eligible for this program if you occupy the property to be
rehabilitated; do not have assets that exceed $25,000, and meet the
following income limits:
1 person household - not more than $16,500
2 person household - not more than $18,850
3 person household - not more than $21,200
4 person household - not more than $23,550
If you believe that you qualify for this program, or would like to
know more about how it works, contact Tina in our office by calling
218-637-2435 or email tina@nwmnhra.org.
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