Cedar Riverside Deferred Loan
The Cedar Riverside Neighborhood has made Neighborhood Revitalization Program dollars available to help property owners to 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 $2,000 to $10,000.
- No down payment required.
Property Eligibility
- 1-4 unit owner-occupied residential properties within the Cedar Riverside Neighborhood that meet the program guideline criteria are eligible.
- Manufactured homes and properties used for commercial purposes are not eligible.
- Loan approval is subject to credit and program guidelines.
Loan Details
- Income limits apply.
- Closing costs apply.
- Loan 100% forgiven if the borrower retains ownership of the property for 10 years. If borrower sells, transfers title or home is no longer primary residents prior to the 10 year forgiveness term the borrower is required to repay 100% of the loan.
- 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.
- Eligible improvements include most permanent exterior and interior improvements including, but not limited to: roofing, siding, painting, windows/doors, interior remodeling, solar, insulation, HVAC, garage repair or replacement, sidewalks/steps and driveways.
- Unless part of a larger project or needed to address a potential structural threat: fences, trees, shrubs and non-permanent landscaping are ineligible improvements.
- Two bids required from properly licensed contractors or a contractor registered with the MN Department of Labor for projects over $15,000.
- 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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