Nokomis East Emergency Repair Deferred Loan
The Nokomis East Neighborhood Association has made funds available to provide assistance to property owners in the Nokomis East community who face emergency home repairs and cannot qualify for other funding programs to remedy the situation.
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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Definition of Emergency:
An emergency is defined as a condition that makes a house uninhabitable, extremely dangerous to the occupants, or is capable of causing severe health problems.
About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts from $1,000 - $7,500.
- No down payment required.
Property Eligibility
- 1-4 unit, owner-occupied properties located in the neighborhoods of Wenonah, Mooris Park, Minnehaha or Keewaydin.
- Condos and townhomes are eligible.
- Properties under construction or held in a trust are not eligible.
- Loan approval is subject to credit and program guidelines.
- To qualify for this program borrower(s) must not be eligible for any other financing administered by CEE.
Loan Details
- Closing costs apply.
- Loan term is 10 years. If the borrower sells or transfers ownership prior to the end of the tenth year after the loan closing, the borrower will be responsible for repaying the loan in its entirety (100%). The loan is entirely forgiven if the Borrower(s) retain ownership for the entire 10 years
- Income limits apply.
- 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 repairs to emergency conditions as defined above and verified by CEE as determined through an Emergency Confirmation Inspection of the property.
- 1 bid is required from a properly licensed or registered contractor with the MN Department of Labor for projects under $5,000. 2 bids are required for projects over $5,000.
- 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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