Untitled Document

Housing Resources

Program Overview

This program is designed to complement existing loan programs available from the City of Minneapolis, the Minnesota Housing Finance Agency (MHFA), private lenders and other housing resources. It is not intended to be the sole source of rehab funds available to the neighborhood. The HPDL program has three components:

A revolving loan fund for owner-occupied and absentee-owned properties

An emergency deferred loan program for low-income homeowners, and

Adeferred loan program for homeowners needing to make accessibility related improvements.

 

Revolving Loan

Eligible Properties: Properties must be located in either the Hale, Page, or Diamond Lake neighborhood. Properties can be either owner-occupied or absentee-owned, and they must be either a single-family homes or duplexes. (See #10 below for match requirement for absentee-owned properties.) Owners of condominium, townhouse, or cooperative units are also eligible to participate in this program for improvements to the portions of the property that they own individually. Assessments for improvements issued by a “homeowners association” to the owners are not eligible. “Homeowner associations” are not eligible under this program.

Income Limit: There is no income limit to participate in this loan program.

Interest Rate:   3% simple interest.

Loan Amount: Minimum loan size of $1,000 and maximum of $10,000.

Loan Term: Generally, one year per $1,000 borrowed. The maximum term will be 10 years.

 

Emergency Loan

Definition of Emergency: An emergency is defined as an imminent condition that makes a house uninhabitable, extremely dangerous to the occupants, or is capable of causing severe health problems.

Eligible Properties: Properties must be located in either the Hale, Page, or Diamond Lake neighborhood. Properties must be owner-occupied and homesteaded, and they must be either a single-family homes or duplexes. Owners of condominium, townhouse, or cooperative units are also eligible to participate in this program for improvements to the portions of the property that they own individually. Assessments for improvements issued by a “homeowners association” to the owners are not eligible. “Homeowner associations” are not eligible under this program.

Income Limit: 80% of the area median income

 

Accessibility Loan

Program Purpose: The intent of this program is to finance home improvements for seniors and other homeowners who have long-term accessibility needs (for themselves or members of the immediate family who live in the same property) and lack the resources to assess, evaluate and repair or remodel their home to make it more accessible and safe.

Eligible Properties: Properties must be located in either the Hale, Page, or Diamond Lake neighborhood. Properties must be owner-occupied and homesteaded, and they must be either a single-family homes or duplexes. Owners of condominium, townhouse, or cooperative units are also eligible to participate in this program for improvements to the portions of the property that they own individually. Assessments for improvements issued by a “homeowners association” to the owners are not eligible. “Homeowner associations” are not eligible under this program.

Loan Amount: The minimum loan size is $2,000, and the maximum loan is $7,500.

 

To see if you qualify for a loan please call Southside Housing Resource center at 612-722-7141