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Housing Revitalization Programs * = New Brighton is currently eligible
<br />Program Offered By Category Brief Summary Income Qualifications Project Eligibility Property Eligibility Loan Maximum Maximum Loan Term Interest Rate Link
<br />Home Investment Partnerships
<br />Program Anoka County Building
<br />Anoka County uses HOME funds for activities including tenant-
<br />based rental assistance, home buyer assistance, property
<br />acquisition, new construction, and rehabilitation.
<br />N/A
<br />Projects receiving HOME funds must also incorporate other federal regulations
<br />including but not limited to Environmental Review, Relocation, Labor Standards,
<br />Lead-Based Paint, and Conflict of Interest requirements. HOME funds can be
<br />awarded to a project as a grant or a loan and it requires a 25% match from non-
<br />federal funds.
<br />Varies N/A N/A N/A https://www.anokacounty.us/151/HOME-Investment-Partnerships-Program
<br />CDBG Rehabilitation Loan
<br />Program (RLP)Anoka County Emergency &
<br />Safety
<br />Provides deferred loan financing to income-eligible homeowners
<br />to address health and safety concerns in your home.
<br />Depends on household size (4 person is
<br />$68,000). Assets can't exceed $25,000.
<br />Roof, furnace/boiler, insulation, windows/doors, electrical wiring, lead paint, siding,
<br />plumbing, radon mitigation, handrails, smoke detectors, well/septic
<br />Owner-Occupied in Anoka
<br />County
<br />$25,000. Partially forgiven (50%) if owner remains in
<br />house for a certain number of years 15 years Not specified https://www.anokacounty.us/2301/Rehabilitation-Loan-Program
<br />Emergency & Accessibility
<br />Home Loan Anoka County Emergency &
<br />Safety
<br />Provides deferred loan financing to income-eligible homeowners
<br />needing to address emergency conditions in the home or
<br />essential accessibility improvements for a disabled household
<br />resident.
<br />Depends on household size (4 person
<br />income limit is $27,100)Emergency condition in the home or essential accessibility improvements
<br />Owner-Occupied. Single family,
<br />duplex, condominium,
<br />townhome, or manufactured
<br />home in Anoka County
<br />$15,000 15 years (forgiven if Borrower
<br />remains a resident for 15 years.)Not specified https://www.anokacounty.us/184/Emergency-Accessibility-Loan
<br />Rehabilitation Loan Program Anoka County Emergency &
<br />Safety
<br />Provides deferred loan financing to income-eligible homeowners
<br />to address health and safety concerns in your home.
<br />Depends on household size (4 person
<br />income limit is $27,100)Projects that improve health, safety, livability, or energy efficiency Must be taxed as real estate in
<br />Anoka County $27,000
<br />15 years (loan is forgiven after
<br />borrower remains a primary
<br />resident for 15 years)
<br />0%https://www.anokacounty.us/DocumentCenter/View/6520
<br />Down Payment Assistance
<br />Homebuyer Initiative Program Brooklyn Park Affordability
<br />Serving Mankato, North Mankato, Northfield, Minneapolis, St.
<br />Paul, Brainerd, St. Cloud, Rochester, Duluth and all other cities in
<br />Minnesota.
<br />$5,000 or $10,000 or $15,000 for down payment or closing costs
<br />Not specified
<br />Interest free, deferred loan with repayment of the full loan amount of 100% to be
<br />recaptured by the Brooklyn Park EDA for continued use upon maturity or default of
<br />first mortgage, sale of property, refinancing, or vacating the property
<br />Single family, twin homes, or
<br />townhomes in Brooklyn Park $15,000
<br />Due when maturity or default of
<br />first mortgage, sale of property,
<br />refinancing, or vacating the
<br />property occurs
<br />0%http://www.uptownfinancial.com/loanOptions/Down%20Payment%20Assistance%20Programs%20-%20Not%20All%20First%20Time%20Home%20Buyer%20Required/Brooklyn%20Park%20Down%20Payment%20Assistance%20Homebuyer%20Initiative%20Program/
<br />First Time Homebuyer Down
<br />Payment Assistance Program
<br />Columbia
<br />Heights Affordability Offers down payment assistance to both first time homebuyers
<br />and other homebuyers.No income limit Down payment assistance needed
<br />Owner-Occupied single family
<br />home (don't have to be first-time
<br />home buyer) in Columbia
<br />Heights
<br />$6,000 10 years (Forgiven if borrower
<br />remains in residence)
<br />0% for 3 years,
<br />3.5% acquisition
<br />cost purchase
<br />price
<br />http://www.uptownfinancial.com/loanOptions/Down%20Payment%20Assistance%20Programs%20-%20Not%20All%20First%20Time%20Home%20Buyer%20Required/Make%20Columbia%20Heights%20your%20Home%20First%20Time%20Home%20Buyer%20Down%20Payment%20Assistance/
<br />ReGenerations Loan Program Coon Rapids Affordability Funds available for down payment assistance loans. No income limit
<br />Funds must be used in conjunction with a FHA 302(k) mortgage to purchase and
<br />renovate a home. A minimum of $10,000 of rehab or renovation work must be
<br />completed by a state licensed contractor and the work must be completed within
<br />6 months of closing. The borrower must occupy the property as the principal
<br />homesteaded residence.
<br />Owner-Occupied single-family
<br />detached property within the
<br />City of Coon Rapids
<br />$6,000 10 years 3.50%http://www.ci.coon-rapids.mn.us/308/Down-Payment-Assistance
<br />Home for Generations II
<br />Program Coon Rapids Remodeling
<br />Home for Generations II provides financial incentives to
<br />homeowners who undertake large remodeling projects valued at
<br />$35,000 or more. Financial incentives include a grant up to
<br />$5,000 and a rebate of 50% of your building permit fees.
<br />N/A
<br />Projects that qualify include:
<br />Building an addition
<br />Building a sun room
<br />Finishing previously unfinished space
<br />Constructing a covered front porch
<br />Converting a garage into livable space
<br />Major kitchen, bathroom or basement remodel
<br />Adding a bathroom
<br />Reconfiguring living space
<br />Homesteaded, owner-occupied
<br />homes at least 20 years old in
<br />Coon Rapids
<br />$50,000 20 years 4.50%http://www.ci.coon-rapids.mn.us/547/Home-for-Generations-II
<br />HomePath ReadyBuyer
<br />Program*Fannie Mae Affordability
<br />Complete an online home buying course to receive up to 3% of
<br />closing cost assistance toward the purchase of a HomePath
<br />property
<br />Not specified Must be first time homebuyer.
<br />Must be listed on
<br />Homepath.com and be eligible
<br />for closing cost assistance
<br /> 3% closing cost assistance N/A N/A https://www.homepath.com/ready_buyer.html
<br />HomePath Renovation
<br />Mortgage*Fannie Mae Remodeling Allows a borrower to purchase a property that requires light to
<br />moderate renovation
<br />Down payment (at least 3 percent) can
<br />be funded by the borrower’s own
<br />savings; a gift; a grant; or a loan from a
<br />nonprofit organization, state or local
<br />government, or employer.
<br />Property that requires light to moderate renovation Primary residences, second
<br />homes, investment properties 35% of as completed value, no more than $35,000 Varies Varies http://www.uptownfinancial.com/loanOptions/Homepath%20and%20Homepath%20Renovation%20Loans/HomePath%20Renovation%20Mortgage/
<br />Housing Replacement
<br />Program Fridley Building
<br />Removing older, substandard housing and replacing it with new
<br />housing. All of the properties acquired by the HRA have been
<br />purchased on a voluntary basis directly from the owner, whether
<br />it be an individual or bank. In some cases, the sites are acquired
<br />through a tax forfeiture. Once acquired, the structures are
<br />demolished and the lots are then sold on a first-come, first-serve
<br />basis.
<br />N/A N/A N/A N/A N/A N/A https://fridleymn.gov/426/Housing-Replacement-Program
<br />Emergency Deferred Loans
<br />(through CEE)Fridley Emergency &
<br />Safety
<br />Provide funds to owner-occupants of properties who face
<br />emergency home repairs and are unable to obtain funds to
<br />repair the problem(s) through traditional funding (loan) sources.
<br />If the applicant qualifies for other
<br />program financing, then the applicant
<br />will not be eligible for the Emergency
<br />Deferred Loan Program.
<br />Determined through a required analysis of the condition of the property Owner-Occupied, 1-4 unit
<br />residential $10,000
<br />20 years or 100% due when
<br />property ownership changes
<br />(whichever comes first)
<br />0% (0% APR)https://fridleymn.gov/1125/Home-Improvement-Loans
<br />Home Improvement
<br />Demonstration Fridley Remodeling
<br />The Fridley Housing and Redevelopment Authority purchased two
<br />houses for the Home Improvement Demonstration Program. These
<br />homes underwent remodeling and residents were invited to see
<br />the transformation through a series of three open houses - before,
<br />during, and after. The improvements in each house serve as a
<br />roadmap for updating Fridley's housing stock. We hope the
<br />neighborhoods will experience the benefits of investing in the
<br />community for years to come.
<br />N/A N/A N/A N/A N/A N/A http://www.ci.fridley.mn.us/427/Home-Improvement-Demonstration
<br />Low Interest Home
<br />Improvement Loan (through
<br />MN CEE)
<br />Fridley Remodeling low-interest home improvement financing and remodeling
<br />advisor services to Fridley residents No income limit
<br />Most interior or exterior maintenance or remodeling; DIY projects must include a
<br />materials list; bids are required from contractors; funds are held in escrow until work
<br />is completed and documents received
<br />Owner-Occupied, 1-4 units.
<br />Properties under construction or
<br />held in Trust NOT eligible
<br />$50,000 20 years 4.5% (4.502% APR)https://fridleymn.gov/1125/Home-Improvement-Loans
<br />Mobile Home Improvement
<br />Loans (through MN CEE)Fridley Remodeling Makes low-interest home improvement loans available to Fridley
<br />residents No income limit Most permanent interior and exterior improvements Owner-Occupied manufactured
<br />homes $10,000 10 years 4.50%https://www.mncee.org/find-financing-incentives/fridley-mobile-home-improvement-program/
<br />Multi-Family Exterior Loans (2-
<br />4 Unit Properties) (through MN
<br />CEE)
<br />Fridley Remodeling
<br />Makes low-interest home improvement loans available to Fridley
<br />multi-unit property owners to make improvements to their
<br />buildings.
<br />No income limit
<br />Corrections to code violations and exterior structure improvements siding, painting,
<br />exterior windows & doors, and tuck pointing of absentee owned 2-4 unit residential
<br />properties located within the City of Fridley
<br />Property Owner $50,000 10 years 4.5% fixed rate
<br />(4.504% APR)https://www.mncee.org/find-financing-incentives/fridley-multi-family-exterior-improvement-loan/
<br />HUD 233F*MHFA Building,
<br />Affordability
<br />Funds may be used for acquisition, refinance or moderate
<br />rehabilitation of multifamily rental housing.
<br /> Project must be completed or
<br />substantially rehabilitated more than
<br />three years prior to date of application
<br />for first mortgage.
<br />Funds may be used for acquisition, refinance or moderate rehabilitation of
<br />multifamily rental housing.
<br />Existing multifamily rental
<br />apartments with at least five
<br />rental units; market rate,
<br />moderate income or subsidized
<br />rents in Minnesota
<br />Maximum loan amount will be the lowest of:
<br />• Applicable % of LTV
<br />• Applicable Debt Service Coverage Ratio
<br />• 85% of Transaction Costs, if purchase transaction
<br />• Greater of 100% of Transaction Costs or 80% LTV, if
<br />refinancing transaction
<br />• HUD Mortgage Statutory Limits, adjusted for local
<br />high cost factors
<br />35 years, fully amortizing Fixed for term of
<br />loan http://www.mnhousing.gov/wcs/Satellite?c=Page&cid=1385305184884&pagename=External%2FPage%2FEXTStandardLayout
<br />Low & Moderate Income
<br />Rental Program (in tandem
<br />with Flexible Financing for
<br />Capital Costs)*
<br />MHFA Building,
<br />Affordability
<br />Provides long-term amortizing mortgage debt for multifamily
<br />rental housing affordable to low- and moderate-income
<br />Minnesotans
<br />N/A financing new construction, stabilization of existing properties, and for the
<br />preservation of existing federally assisted rental housing.
<br />Multifamily rental housing in
<br />Minnesota
<br />Maximum Loan to Cost (LTC)/Loan to Value (LTV)
<br />rates apply 30 year fully amortizing loan 30 year fixed rate http://www.mnhousing.gov/wcs/Satellite?c=Page&cid=1385305184884&pagename=External%2FPage%2FEXTStandardLayout
<br />Low Income Housing Tax
<br />Credit*MHFA Building,
<br />Affordability
<br />Federal income tax credit awarded to owners and then sold to
<br />investors to generate capital for construction, or acquisition with
<br />substantial rehabilitation, of eligible housing.
<br />10-year reduction in tax liability in
<br />exchange for capital to build eligible
<br />affordable rental housing units
<br />Improvements to rental housing units Rental housing units in
<br />Minnesota N/A N/A N/A http://www.mnhousing.gov/wcs/Satellite?c=Page&cid=1358904931809&pagename=External%2FPage%2FEXTStandardLayout
<br />Quick Start Disaster Recovery
<br />Program*MHFA Emergency &
<br />Safety
<br />Provides assistance as a last resort when private insurance and
<br />federal assistance are not enough to repair home to pre-disaster
<br />condition
<br />No income limit Home repairs for residents affected by flooding in the following counties: Blue Earth,
<br />Freeborn, Hennepin, Le Sueur, Rice, Steele and Waseca.Owner-Occupied in Minnesota $20,000 Forgiven if the owner remains in
<br />home for 10 years No interest http://www.mnhousing.gov/wcs/Satellite?c=Page&cid=1358905001749&pagename=External%2FPage%2FEXTStandardLayout
<br />Fix Up Loam - UNSECURED*MHFA Energy &
<br />Accessibility
<br />Fixed interest rate loans with lower interest rates for energy
<br />conservation and accessibility improvements to home
<br />< $104,000 for $15,000 unsecured loan;
<br />No income limit for $15,000 unsecured
<br />energy loan
<br />Repair, remodel, or make energy saving improvements such as: Programmable
<br />thermostat, Heating system replacement, Central A/C replacement, Water heater
<br />replacement, Light fixtures, Insulation, Windows
<br />Owner-Occupied single family
<br />homes, duplexes, triplexes, and
<br />fourplexes in Minnesota
<br />$15,000 10 years 6.990% for
<br />unsecured rate http://www.mnhousing.gov/wcs/Satellite?c=Page&cid=1358904985835&pagename=External%2FPage%2FEXTStandardLayout
<br />Fix Up Loan - SECURED*MHFA Energy &
<br />Accessibility
<br />Fixed interest rate loans with lower interest rates for energy
<br />conservation and accessibility improvements to home
<br /> < $104,000 for $50,000 secured loan; No
<br />income limit for $15,000 secured
<br />energy/accessibility loan
<br />Repair, remodel, or make energy saving improvements such as: Programmable
<br />thermostat, Heating system replacement, Central A/C replacement, Water heater
<br />replacement, light fixtures, Insulation, Windows, ramps, house accessibility
<br />modifications, Safety modifications
<br />Owner occupied single family
<br />homes, duplexes, triplexes, and
<br />fourplexes in Minnesota
<br />$15,000 or $50,000 depending on loan type 10-20 years
<br />5.990% for
<br />subordinate lien.
<br />4.250% for first-lien.
<br />http://www.mnhousing.gov/wcs/Satellite?c=Page&cid=1358904985835&pagename=External%2FPage%2FEXTStandardLayout
<br />Rehabilitation/Emergency
<br />Loan*MHFA Remodeling,
<br />Affordability
<br />Assists low income homeowners in financing basic home
<br />improvements
<br />Depends on household size (4 person
<br />income limit is $27,100). Assets can't
<br />exceed $25,000.
<br />Home improvements that directly affect the safety, habitability, energy efficiency
<br />or accessibility of their homes.
<br />Owner-Occupied single family
<br />homes, duplexes, condominium
<br />unit, manufactured housing
<br />taxed as real or person property
<br />in Minnesota
<br />$27,000
<br />15 years for real property; 10 years
<br />for manufactured homes; forgiven
<br />if you do not sell/transfer
<br />title/cease to occupy during loan
<br />term
<br />Not specified http://www.mnhousing.gov/wcs/Satellite?c=Page&cid=1358904992980&pagename=External/Page/EXTStandardLayout
<br />Accessibility Loan Program*
<br />MHFA
<br />(Minnesota
<br />Housing
<br />Finance
<br />Agency)
<br />Emergency &
<br />Safety
<br />Assists low income homeowners in financing basic home
<br />improvements
<br />Depends on household size (1 person is
<br />$19,000, 4 person is $27,100, 8 person is
<br />$35,800). Assets can't exceed $25,000.
<br />Home improvements addressing emergency conditions of the home or accessibility
<br />needs for a disabled household resident (subject to approval by MN Housing)
<br />Owner-Occupied single family
<br />homes, duplexes, condominium
<br />unit, manufactured housing
<br />taxed as real or person property
<br />in Minnesota
<br />$27,000
<br />15 years for real property; 10 years
<br />for manufactured homes; forgiven
<br />if you do not sell/transfer
<br />title/cease to occupy during loan
<br />term
<br />Not specified http://www.mnhousing.gov/wcs/Satellite?c=Page&cid=1358904992980&pagename=External/Page/EXTStandardLayout
<br />City Living Program Minneapolis Affordability
<br />City Living loans offer homebuyers an opportunity to purchase
<br />Minneapolis homes at an interest rate that historically has ranked
<br />well below market rates. The City sells tax exempt mortgage
<br />revenue bonds, making the funds available to private lenders for
<br />low-interest mortgages.
<br />Depends on household income limit and
<br />whether owner is in targeted (2 person -
<br />$92,290) or non-targeted (2 person -
<br />$83,061) area. 3 years of tax returns and
<br />credit 620 or higher required.
<br />First time homebuyers who have attended a home buyer counseling class. Single family home or duplex
<br />Down Payment Assistance Grant (2.5% of purchase
<br />price) or second mortgage secured by a 0%
<br />deferred second. Forgiven after 7 years. Max home
<br />price is $376,870
<br />7 years 0%http://www.ci.minneapolis.mn.us/cped/housing/cped_city_living
<br />Code Abatement Loans Minneapolis Emergency &
<br />Safety
<br />The City of Minneapolis offers interest-free loans for code
<br />abatements for households that are within 50 percent of the
<br />median income for this metropolitan area. The maximum loan
<br />amount is $20,000. The loan is repaid at the time the house is sold.
<br />Within 50% of median income for
<br />metropolitan area.Must be used for code abatement Owner-Occupied $20,000 Loan is repaid at the time house is
<br />sold. 1.00%http://www.ci.minneapolis.mn.us/cped/housing/cped_city_living
<br />Home Repair Loans Minneapolis Emergency &
<br />Safety
<br />The City offers amortizing loans at 1 percent interest for home
<br />repairs.
<br />Maximum income is 80% of the median
<br />income for metropolitan area Can only be used to complete code repairs Owner-Occupied $25,000 20 years 1.00%http://www.ci.minneapolis.mn.us/cped/housing/cped_city_living
<br />Home Improvement Loan
<br />Program*MN CEE Energy &
<br />Accessibility
<br />Provides loans to improve the basic livability and/or energy
<br />efficiency of the borrower's home No income limit
<br />Most improvements are eligible. 1 bid required from qualified, licensed contractor.
<br />For DIY projects, a materials list is required (cost for labor/equipment can't be
<br />included in loan)
<br />Owner-Occupied, primary
<br />residences (properties under
<br />construction or held in trust NOT
<br />eligible)
<br />$20,000 10 years 5.99% (6.032%
<br />APR)https://www.mncee.org/find-financing-incentives/home-improvement-loan-program/
<br />Solar Financing Program*MN CEE Energy &
<br />Accessibility
<br />Low interest loans for Minnesota homeowners to increase the
<br />energy efficiency of their homes using photovoltaic (PV) solar
<br />technology.
<br />No income limit
<br />Eligible improvements include: solar photovoltaic (PV)systems that produce
<br />renewable energy for a residence and attached garage through the installation of
<br />PV solar systems, maximum size 10kW for projects $20,000 or less
<br />Owner-Occupied, primary
<br />residences (properties under
<br />construction or held in trust NOT
<br />eligible)
<br />$50,000 10 years 4.99% fixed rate
<br />(5.213% APR)https://www.mncee.org/find-financing-incentives/solar-financing/
<br />Home Energy Loan Program*
<br />MN CEE
<br />(Minnesota
<br />Center for
<br />Energy &
<br />Environment)
<br />Energy &
<br />Accessibility
<br />Low interest home energy loans for Minnesota homeowners to
<br />make energy improvements in their homes No income limit
<br />Energy improvements on heating systems, central A/C, light fixtures, window
<br />replacement, exterior doors, attic air sealing, attic insulting, wall insulation, water
<br />heather, geothermal and heat pumps
<br />Owner-Occupied, primary
<br />residences (properties under
<br />construction or held in trust NOT
<br />eligible)
<br />$20,000 10 years 4.99% fixed rate
<br />(5.282% APR)https://www.mncee.org/find-financing-incentives/home-energy-loan-program/
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