Home Renovation - Improvement Loans |
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The Rehabilitation Loan program assists low to moderate income homeowners in financing home improvements that directly affect the safety, habitability, energy efficiency and accessibility of their homes. Applicants eligible for this program must occupy the home to be rehabilitated. Applicant's assets must not exceed $25,000 |
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The maximum loan amount is $15,000. Single family homes have a 20 year term with loan payment deferred until the borrower sells, transfers title, no longer lives in the property or at the end of the 20 years. Mobile homes taxed as personal property with a park have a 15 year term due on sale and forgiven at the end of the term. Single family homes, duplexes and manufactured housing taxed as real or personal property are eligible for this program. Income limits for this program are as follows:
Improvements to the livability, accessibility, energy efficiency and addressing lead pain hazards of a home are eligible. Lead paint reduction, electrical wiring, a new roof, plumbing and septic repairs are just some of the possible improvements. For more information on the program, contact Tina at 218-637-2435 or
email tina@nwmnhra.org. You
can also visit MHFA's web site at www.mhfa.state.mn.us. |
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