Marshall Terrace Home Improvement Loan
The Concerned Citizens of Marshall Terrace Neighborhood Organization (CCMT) has made Neighborhood Revitalization Program (NRP) funds available to property owners of the Marshall Terrace neighborhood to make home improvements.
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 $1,000 to $10,000.
- Terms up to 10 years.
- No down payment required.
Property Eligibility
- 1-4 unit owner-occupied and absentee-owned residential structures 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.
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 |
Calculate My Payments
Based on current rates. Qualifications apply.
Loan Details
- This loan is secured by a mortgage to your property.
- Closing costs apply.
- Fixed interest rate.
- 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 or exterior improvements to the home or garage. Energy efficiency improvements, such as solar panels, are encouraged.
- 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 are 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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