Corcoran: Emergency Deferred Loan

Loan Terms

• Minimum loan amount: $1,000
• Maximum loan amount: $5,000
• Interest rate: 0% fixed
• Additional terms, conditions and closing costs may apply and are subject to change without notice.  Financing is secured by a mortgage on the property.  
  
  

Income Limit

60% of the AMI based on your current gross income

• $35,300 for a household of 1
• $40,300 for a household of 2
• $45,350 for a household of 3
• $50,350 for a household of 4
• $54,400 for a household of 5
• $58,450 for a household of 6

Eligible Properties

Owner occupied properties in the Corcoran neighborhood.

Eligible Improvements

An emergency is defined as a condition that makes a house uninhabitable, extremely dangerous to the occupants, or is capable of causing severe health problems.  Qualifying improvements will be determined through a site visit to the property.

Proof of Income

• If you are employed: submit copies of your two most recent paystubs.
• If you are retired: submit a copy of your social security benefits or pension.
• If you are self-employed: submit copies of your Federal Tax Returns for the last 2 years including all schedules.

Contractors

Loan recipients must submit bids or materials lists. All contractors must be properly licensed to work in the City of Minneapolis if required and the Center for Energy and Environment will verify that contractors are licensed. It is important that you are satisfied with the bid or estimate you have selected, CEE offers assistance in helping you compare and understand the estimates you collect.

Optional Sweat Equity (for the do-it-yourselfer)

Applicants must clearly demonstrate the ability to complete high quality work within the required time period. Loan funds will be allowed for materials only, property owners will not be compensated for their labor. Note: Loan funds will not be disbursed until the project is complete.

Disbursement of Funds

You will have 30-180 days (depending on the loan program) from the date of your loan closing with CEE to complete your improvements. You must close on the loan prior to beginning project(s). Loan funds will be paid only after the work is completed and inspected and the following is provided:

• Signed completion certificate by the homeowner indicating satisfaction with the work and authorizing payment to the contractor
• Signed completion certificate by the contractor
• Final contractor invoice
• Lien waiver from the contractor for the entire amount of the project; homeowner must turn in receipts for sweat equity projects
• Evidence of required building permits
• CEE inspection of the property to verify the completion of the work when required by the neighborhood

The current loan terms and conditions stated, including interest rates, do not constitute a commitment to lend or an offer to enter into an agreement, and that such an offer may only be made pursuant to Minnesota Statutes, Section 47.206(3) and (4).