Home Improvement Loans Available
Zero-Interest deferred Home Improvement Loans Available Immediately to Qualifying Homeowners
Community Development Block Grant funding is available to assist eligible Coon Rapids property owners fix up their homes.Eligible households include those at or below 80 percent of area median income. AMI for a household of four in 2012 is $65,000. Eligible properties under this program include single- and two-family houses and interior work on townhouses and other common interest community properties. The program focuses on basic home improvements that affect the safety and livability of a structure. Assistance throughout your project, including help developing a written scope of work, is provided by the program administrator.
Up to $20,000 is available to qualified homeowners in a zero-interest, deferred loan to make needed improvements. Repayment of the entire loan is deferred until sale of the property, transfer of the title or, in some cases, when a principal mortgage is refinanced. No monthly payments are required. No interest accrues. In addition, a grant of up to $5,000 is available to remedy lead-based paint problems. To qualify for this program, you must own and live in the property to be improved, be current on your mortgage, property taxes and public utilities and meet income and asset guidelines. Eligible properties must be at least 15 years old and meet program guidelines for property value limits. A one-year occupancy requirement is waived for recently acquired foreclosed properties.
Funds are made available immediately to qualified applicants on a first-come, first-serve basis. If you feel you could benefit from this program, contact the North Metro Office of the HousingResource Center™ at 651-486-7401 to learn more about this program or click here.