Marshall Terrace Deferred Loan
The Concerned Citizens of Marshall Terrace Neighborhood Organization (CCMT) has made Neighborhood Revitalization Program (NRP) funds available to eligible Marshall Terrace property owners to complete home improvements.
The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. Please call us at 612-335-5884 for complete details.
Hablamos Español: 612-335-5856
About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts from $500 to $10,000.
- No down payment required.
Property Eligibility
- 1-4 unit owner-occupied residential properties located in the Marshall Terrace neighborhood.
- Properties under construction or used for commercial purposes are not eligible.
- Loan approval is subject to credit and program guidelines.
Loan Details
- Income limits apply.
- Closing costs apply.
- Fixed interest rate.
- 100% of the loan is forgiven if the borrower owns and occupies the property for 10 years.
- 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 will be limited to those that address health and safety, energy efficiency, and basic livability deficiencies. Eligible improvements will be identified and prioritized through an on-site property inspection performed by CEE. Interested homeowners are encouraged to call the CEE Lending Center for project eligibility details.
- Unless part of a larger project or needed to address a potential structural threat: fences, trees, shrubs and non-permanent landscaping are ineligible improvements.
- 2 bids required from a properly licensed or registered contractor with the MN Department of Labor 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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