Lind Bohanon Deferred Loan
The Lind Bohanon Neighborhood Association has designated City of Minneapolis NRP dollars for housing rehabilitation and purchasing programs in the neighborhood.
The guidelines below are subject to change at any time without notice. Loan funds are subject to availability.
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About the Loan
- 0% APR
- Loan amounts from $500 - $5,000
- 5 year loan term
- No down payment required
- No income limits
Property Eligibility
- Owner-occupied 1-4 unit residential properties located within the Lind Bohanon neighborhood.
- Townhomes and condominiums are eligible.
- Properties under construction, held in a Trust, under a Contract-for-Deed, or used for commercial purposes are NOT eligible.
- Loan approval is subject to credit and program guidelines.
Loan Details
- Loan will be 100% forgiven if the property has not been sold, transferred, or becomes non-owner occupied after 5 years. If the borrower sells, transfers title or if the property is no longer the primary residence prior to 5-years, the entire original principal balance is due and payable.
- Fixed interest rate.
- Closing costs apply.
- This loan is secured by a mortgage on your property.
- More than one loan per household/property is permitted depending on loan availability and the borrower's ability to qualify. Only two NRP loans can be outstanding at any given time, but recipients of this loan can NOT also receive or have received a Lind Bohanon Senior Deferred Loan.
- Eligible improvements include most interior or exterior maintenance or remodeling.
- Unless part of a larger project or needed to address a potential structural threat: fences, trees, shrubs and non-permanent landscaping are ineligible improvements.
- Recreational items including gazebos, pools, hot tubs, saunas, lawn sprinklers, playground equipment, furniture, and non-permanent appliances are not eligible.
- 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.
- 1 bid is required from a properly licensed or registered contractor with the MN Department of Labor for projects up to $15,000. 2 bids required for projects that exceed $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.
- 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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