Webber-Camden Senior Deferred Loan
The Webber-Camden Neighborhood has made resources available to senior homeowners looking to make accessibility and energy 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
- 0% APR
- Loan amounts up to $10,000
- 10 year loan term
- Income limits apply
Property Eligibility
- 1-4 unit owner-occupied residential properties located in the Webber-Camden Neighborhood.
- Individual condo and townhome owners and properties held in a trust are eligible.
- Loan approval is subject to credit and program guidelines.
- At least one borrower must be 62 years of age.
Loan Details
- 0% APR
- Closing costs apply.
- Loan is forgiven after 10 years. 100% of the loan is due upon selling, transferring, or the property is no longer owner-occupied prior to 5 years.
- Loan is secured by a mortgage.
- 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.
- Accessibility and energy improvements including, but not limited to: ramps, bathroom and kitchen upgrades for accessibility purposes, solar systems, heating systems, air conditioning, air source heat pumps, insulation, energy star rated windows/doors and energy star water heating.
- Work that has been initiated before the loan has been approved is not eligible.
- Recreational improvements are not eligible.
- Two bids are required for all projects exceeding $15,000 from a properly licensed or registered contractor with the MN Department of Labor
- 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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