The City of Coon Rapids currently offers home improvement financing and remodeling advisor services to Coon Rapids residents.

The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. To be eligible for this program applicants must first apply to the City for the grant and rebate portion of the Home for Generations II program. Once that application is submitted, applicants interested in the financing portion of this program may submit their application to CEE.

Apply for the grant and rebate

Apply for the Home for Generations loan

Hablamos Español: 612-335-5856

About the Loan

No maximum income limit.
Loan amounts from $2,000 to $50,000.
Terms up to 20 years.
No down payment required.

Property Eligibility

Owner-occupied single-family structures at least 20 years old within the City of Coon Rapids.
Properties held in a trust are eligible.
Properties under construction are not eligible.
The borrower must occupy the property as their primary place of residence.
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.

Rates starting at	Term	APR as low as	Payment example
3%	5 years	3.477%	$17.97
3%	10 years	3.247%	$9.66
3%	15 years	3.169%	$6.91
3%	20 years	3.131%	$5.55
5%	5 years	5.486%	$18.87
5%	10 years	5.256%	$10.61
5%	15 years	5.179%	$7.91
5%	20 years	5.141%	$6.60

Calculate My Payments

Based on current rates. Qualifications apply.

Loan Details

Interest rate is 3% or 5% determined by household income (3.131% to 5.486% APR).
This loan is secured by a mortgage on your property.
Loan may be prepaid at any time without penalty.
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. Progress payments are available.

There is a minimum project cost of $35,000 and borrowers must obtain their Grant Agreement with the City of Coon Rapids before the borrower can receive final approval and close on their loan with CEE. You will receive your Grant Agreement from the City after you submit a copy of your selected bid(s) to Kristin DeGrande at the City and have obtained all the required permits with the Coon Rapids Building Inspections Department. Learn more.
1 bid is required from a properly licensed contractor or registered with the MN Department of Labor.
The borrower must occupy the property as their primary place of residence.
Our experience has shown that Big Box Stores are not willing to be paid on completion, which is a requirement for this program.

Additions:

Addition to residential living space
Sunrooms
Conversion of unfinished basement or attic space to living space
Covered front entry porch and/or enclosed entry (but not decks)
Conversion of garage to living space

Major Remodeling:

Kitchen, bath, or basement remodel and addition of bathroom(s)

Other Improvements:

Windows, siding, doors, mechanical upgrades and roofs qualify but only in conjunction with an eligible addition or major remodeling project as listed above

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 Coon Rapids 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).