Lind Bohanon Senior Deferred Loan
The Lind Bohanon Neighborhood Association has designated City of Minneapolis NRP dollars for senior homeowners of owner occupied residences in the Lind Bohanon neighborhood to make general improvements to their properties.
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
- Loan amounts from $500 - $7,500.
- No down payment required.
- No income limits.
Property Eligibility
- 1-4 unit owner occupied residential properties in the Lind Bohanon neighborhood.
- Condominiums and townhomes are eligible.
- Loan approval is subject to credit and program guidelines.
- At least one borrower must be at least 62 years of age.
Loan Details
- At least one borrower must be at least 62 years of age.
- Loan is secured by a mortgage on the property.
- Loan is forgiven after 5 years. 100% of the loan is due upon selling, transferring or the property is no longer owner-occupied prior to 5 years. The loan may also become due and payable upon refinance.
- More than one loan per household/property is permitted depending on loan availability and the borrowers ability to qualify. Only two NRP loans can be outstanding at any given time.
- Closing costs apply.
- 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.
- Most permanent interior and exterior improvements are eligible.
- For do-it-yourself projects, a materials list including prices is required. The cost for labor and equipment purchase or rental may not be included in the loan.
- 1 bid is required for each contractor/project up to $15,000 and 2 bids are required for each contractor/project exceeding $15,000. All contractors must be properly licensed or registered. Permits must be obtained when required by city ordinance.
- 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).
Browse Other Lind Bohanon Loans
Thanks to Lind Bohanon's partnership with CEE, we offer additional loan programs for Anoka residents.
