Rehab Loan Program
05/01/2011
Applications are available for the City’s Rehab Support Program, which provides $750,000 in financing to homeowners and buyers to complete improvements, potentially increasing their home’s market value. The pilot program offers loans of up to $20,000 at zero-percent interest. Funding the City received from the Minnesota Housing Finance Agency will be matched dollar for dollar by the homeowner from any other source they choose; around 50 loans are available.
The program is available to qualified homeowners and buyers in neighborhoods where 10 percent of the housing stock is in foreclosure. Eligible neighborhoods are: Shingle Creek, Lind-Bohanon, Webber-Camden, Cleveland, Folwell, McKinley, Jordan, Hawthorne, Willard-Hay, Harrison and Near North. For eligibility and loan guidelines visit www.ci.minneapolis.mn.us/cped/docs/2011_RSP_Guidelines.pdf or call 612-588-3033.