Audubon Park Exterior and Energy Deferred Loan
The Audubon Park Neighborhood has made NRP dollars available that have been designated to help property owners make necessary repairs and improvements.
The intent of these Programs is to encourage investment in the neighborhood by improving the housing stock. Other sources of funds are also available, such as MHFA and CEE, which may be used to supplement this program. The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. Email or call for complete details.
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About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts from $500 to $7,500.
- No down payment required.
Property Eligibility
- Owner-occupied 1-4 unit residential properties located within the boundaries of the Audubon Park Neighborhood.
- Individual condo and townhome owners and properties held in a trust are eligible.
- Loan approval is subject to credit and program guidelines.
Loan Details
- Income limits apply.
- Closing costs apply.
- Loan is forgiven after 10 years, if the property is still owned and occupied.
- This loan is secured by a mortgage on your property.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- 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.
- Permanent exterior and energy related improvements are eligible.
- Unless part of a larger project or needed to address a potential structural threat: fences, trees, shrubs and non-permanent landscaping are ineligible improvements.
- Only 1 bid is required from a properly licensed contractor or contractor registered with the MN Department of Labor for projects equal to or less than $15,000. All other projects must have at least 2 bids.
- For do-it-yourself projects, a materials list including prices is required. The cost for labor and the purchase of tools may not be included in the loan.
- Our experience has shown that Big Box Stores are not willing to be paid on completion, which is a requirement for this program.
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).
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