Logan Park Home Improvement Loan
The Logan Park Neighborhood Association (LPNA) has made Neighborhood Revitalization Program (NRP) funds available to provide loans to homeowners in the Logan Park 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 maximum income limit.
- Loan amounts from $2,000 to $10,000.
- Terms up to 10 years.
- No down payment required.
Property Eligibility
- Owner-occupied 1-4 unit residential properties.
- Properties under construction or held in Trust 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 $10,000.
| 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
- Fixed interest rate.
- Closing costs apply.
- No maximum income limit.
- This loan is secured by a mortgage on your property.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- 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 most interior and 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 projects under $15,000 one bid is required from a properly licensed or registered contractor with the MN Department of Labor. Two bids are required for projects over $15,000.
- 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.
- 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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