Lind Bohanon Home Improvement 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
- No income limits.
- Loan amounts from $2,000 - $25,000.
- Terms up to 10 years.
- No down payment required.
Property Eligibility
- Owner-occupied 1-4 unit residential properties.
- Properties under construction or used for commercial purposes are not eligible.
- Loan approval is subject to credit and program guidelines.
Current Rates
Subject to change at any time. APR based on loan amount of $25,000.
| Rates starting at | Term | APR as low as | Payment example |
|---|---|---|---|
| 2% | 5 years | 2% | $17.53 |
| 2% | 10 years | 2% | $9.20 |
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Based on current rates. Qualifications apply.
Loan Details
- Closing costs apply.
- This loan is secured by a mortgage on your property.
- Fixed interest rate.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time. Total outstanding balance cannot exceed the program's maximum loan amount.
- 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.
- 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.
- 2 bids are required from a properly licensed or registered contractor with the MN Department of Labor 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.
- 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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