Jordan Safety Deferred Loan
The Jordan Area Community Council has designated City of Minneapolis NRP dollars for improving housing safety 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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About the Loan
- 0% APR.
- No monthly payments.
- 5 year term.
- Loan amounts from $500 to $10,000.
- No down payment required.
Property Eligibility
- Owner-occupied 1-4 unit residential properties.
- Townhomes, condos, and properties under construction or held in Trust are eligible.
- Loan approval is subject to credit and program guidelines.
Loan Details
- Closing costs apply.
- 100% of the loan is forgiven if the borrower owns and occupies the property for 10 years.
- No income limits.
- This loan is secured by a mortgage on your property.
- 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 projects that improve the safety and security of the home including fences, carbon monoxide detectors, security doors, window guards, security lighting, and surveillance systems.
- Replacement windows, doors and other improvements that occurred due to vandalism; bullet holes in siding, holes in walls/ceilings and other damage due to a break-in to the subject property.
- 2 bids are required from a properly licensed or registered contractor with the MN Department of Labor if the project cost is 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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