The City of Blaine Economic Development Authority’s Program is providing funds for the improvement of 1-12 unit rental properties.

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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Hablamos Español: 612-335-5856

About the Loan

Loan amounts from $5,000 to $50,000.
Terms up to 20 years.
No down payment required.

Property Eligibility

1-12 unit rental properties in the City of Blaine.
Single units of condos or townhomes are eligible.
Property must have a passing result on the most recent rental inspection, or be rectifying the violation(s) as part of the project.
Loan approval is subject to credit and program guidelines.

Current Rates

Subject to change at any time. APR based on loan amount of $50,000. Rate is reduced by 0.25% if this loan is in first lien position.

Rates starting at	Term	APR as low as	Payment example
5.625%	5 years	6.114%	$19.16
5.625%	10 years	5.884%	$10.91
5.625%	15 years	5.807%	$8.24
5.625%	20 years	5.77%	$6.95

Calculate My Payments

Based on current rates. Qualifications apply.

Loan Details

Loan is secured by a mortgage on the property.
If the property is owned by a business it must be registered with the Minnesota Secretary of State.
No income limits.
Closing costs apply.
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.

Eligible projects include exteriors projects such as siding/brick/stucco repair and replacement, windows, doors, roofs, landscaping, parking lots, or sidewalks, or accessibility improvements such as security systems, parking lot lighting, fire suppression, or fire alarm systems. Funds may also be used for rectifying violations identified in rental property inspections.
Property must have at least 1 rental unit. In a multi-unit building, one of the units may be occupied by the owner.
1 bid is required from a properly licensed contractor or registered with the MN Department of Labor. for projects less than $15,000. Two bids are required for projects more than $15,000.
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.

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).