Hawthorne Emergency Deferred Loan
The Hawthorne Neighborhood Association has designated City of Minneapolis NRP dollars for purchasing and improving homes in the neighborhood.
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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Definition of Emergency:
An emergency is defined as a condition that makes a house uninhabitable, extremely dangerous to the occupants, or is capable of causing severe health problems.
About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts from $1,000 to $10,000.
- No down payment required.
Property Eligibility
- Owner-occupied 1-4 unit residential properties.
- Property must be within the Hawthorne neighborhood.
- Loan approval is subject to credit and program guidelines.
- To qualify for this program borrower(s) must not be eligible for any other financing administered by CEE.
Loan Details
- Fixed interest rate.
- Loan will be 100% forgiven after 10 years. If the borrower sells, transfers title or if the home is no longer the primary residence of the original borrower prior to 10 years, the entire original principal balance is due and payable.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- Examples of eligible repairs include, but are not limited to, water lines, sewer service, fire hazards, repair to exterior steps, railings, retaining walls, water seepage into basement, structural problems, or replacement of a furnace or hot water heater. Repairs that will remedy such emergency repairs are eligible and will be determined by a CEE representative.
- 2 bids are required from a properly licensed contractor if the project is over $15,000.
- 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 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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