• Terms up to 10 years. The loan is forgiven 10% each year the borrower has not sold or transferred title and still occupies the property. After 10 years, the loan is 100% forgiven if property is still occupied and has not been sold or transferred. 
• Income limits: 60% AMI based on household size and projected gross income.
• 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 loan will be placed as a lien on the property title. 
• Closing costs apply.

• All projects must include at least one of the following improvements: roof, siding, doors (not including storm doors), and windows. Additional improvements include: replacement of steps or ramp, water damage repairs, replacement or addition of a storm door and heat tape. Other similar work may be approved by the EDA.
• Property inspection required to determine eligible improvements.
• Only 1 bid is required for projects less than $10,000 and 2 bids are required if the project is $10,000 or more. Contractor must be properly licensed or registered with the MN Department of Labor.
• 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.
• Our experience has shown that Big Box Stores are not willing to be paid on completion, which is a requirement for this program.

Remodeling Advisor Visits are designed to help homeowners get started on their home improvement projects. During a visit, one of our experienced remodeling advisors will come out to your house to discuss potential remodeling projects, help you prioritize projects, assist in reviewing contractor bids, or answer any questions. This service is free for Blaine homeowners and is limited to one visit per household. 

To schedule your appointment, contact Cristina Lussio at 612-335-5856.