The City of Brooklyn Park's Economic Development Authority (EDA) currently offers low-interest home improvement financing to Brooklyn Park residents. The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. Please call us at 612-335-5884 for complete details.
- Income limits apply
- Loans amounts from $5,000 to $25,000
- 5% fixed interest rate (5.010% Annual Percentage Rate)*
- Terms up to 15 years
- This loan is secured by a mortgage on your property
- Owner-occupied properties
- 1-2 units
- Owner occupants of condominiums and townhouses are also eligible
- Properties under construction or held in Trust are not eligible
Types of Improvements
- Eligible improvements include most interior or exterior, maintenance or remodeling.
- For do-it-yourself projects, a materials list including prices is required. The cost for labor and equipment purchase or rental may not be included in the loan.
- 2 bids are required from a qualified, licensed contractor.
- Funds are held in a non-interest bearing escrow account at CEE from loan closing until the work is completed and all final documentation is received.
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).
*APR based on $15,000 loan for 15 years at 5%.