Field Regina Northrop Matching Exterior and Energy Deferred Loan
The Field, Regina, Northrop Neighborhood Group has made NRP funds available for homeowners in the community to make exterior and energy improvements to their homes.
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.
Property Eligibility
- 1-4 unit owner-occupied residential properties.
- Individual owners of condos or townhomes are eligible.
- Properties held in a trust are eligible.
- Loan approval is subject to credit and program guidelines.
Loan Details
- Income limits apply.
- Closing costs apply.
- Fixed interest rate.
- 100% of the loan is forgiven if the borrower owns and occupies the property for 10 years.
- This loan is secured by a mortgage on your property.
- 1:1 matching requirement based on income.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- Eligible improvements include permanent exterior and energy related improvements, including but not limited to: heating and cooling systems, water heating, insulation, Energy Star rated windows and doors, solar, roofing/gutters, siding, garage repair, replacement or new construction, deck and patio replacement, driveway, sidewalk and step replacement, fence repair, replacement or new construction, radon, asbestos and vermiculite abatement.
- Unless part of a larger project or needed to address a potential structural threat: fences, trees, shrubs and other non-permanent landscape improvements are not eligible.
- One bid from a properly licensed or registered contractor with the MN Department of Labor is required for projects under $15,000, minimum of two bids for projects that cost greater than $15,000.
- 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.
- 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.
- 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).
