Southeast Como Emergency Deferred Loan
The intent of the SECIA Emergency Deferred Loan Program is to provide funds to owner-occupants of properties who face emergency home repairs and are unable to obtain funds to repair the problem(s) through traditional funding (loan) sources.
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 to $7,500.
- No down payment required.
Property Eligibility
- 1-2 unit owner-occupied residential properties located in the Southeast Como Neighborhood.
- Townhomes, condominiums and properties held in a Trust or Contract for Deed are eligible.
- Applicant’s eligibility for other financing will be analyzed prior to consideration of the Emergency Deferred Loan Program.
- 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
- Income limit of 80% area median income (AMI), based on household size and most recent tax return.
- The loan is 100% due if the property is sold, transferred, or no longer occupied by the borrower within 15 years of the loan closing.
- 100% of the loan is forgiven if the borrower owns and occupies the property for 15 years.
- 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 determined through a required analysis of the emergency condition of the property.
- 2 bids are required from a properly licensed or registered contractor with the MN Department of Labor if the project is 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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