Community Funds

The City of Brooklyn Center's ReNew Home Purchase program is getting foreclosed, vacant homes reoccupied with responsible, informed homeowners.  The program is designed for people who can afford to purchase and maintain a home, along with managing the responsibilities of home ownership.

The ReNew Loan is a downpayment and closing cost assistance program for eligible buyers.  This loan offers up to $10,000 zero-percent interest loan, and the loan is forgiven after five years if the buyer has homesteaded and lived in the home continually during that time.  Several types of approved loans may be used for this program if all criterial are met, such as a conventional loan, purchase rehabilitation loan (I.e. FHA 203K), etc.

The ReNew Grant is a down payment and closing cost assistance program for eligible buyers. The program offers a 3.5% grant up to $7,000 with the use of an approved rehabilitation loan, such as a FHA 203K loan.  A minimum $15,000 of approved home improvements (repairs, remodels, additions) must be made to the home. Qualified contractors and permits will be required as applicable. This grant does not have to be paid back if all the conditions are met. 

The City of Oakdale has made "a promise to our next generation" in creating a green building program for businesses called Generation Green. Promotional literature notes that "the energy crisis in California is an indication of how beneficial early conservation measures can be for the community." A 15% reduction in building permit fees will be awarded to businesses participating in Generation Green. New and existing businesses are encouraged to participate in the program and will be recognized in city media and by the mayor and city council for their efforts. Generation Green details and sign-up forms may be picked up in the Building and Development-Planning-Redevelopment Department at Oakdale City Hall, or obtained by calling Oakdale Building Projects at 651/739-5150. See also the web site below (click on the "Generation Green" tab toward the top of the page).

The City of Falcon Heights provides rebates for home improvements that meet Energy Star guidelines. 

In order to promote a cleaner environment, the City of Falcon Heights encourages residents to purchaseenergy efficient appliances and materials when investing in home improvements. This program will help the City meet our carbon emission-reducing goals under the Mayor’s Kyoto Protocol.

Products included:

Exterior Windows and Skylights

Central Air Conditioning

Furnace or Boilers

Gas and Electric Water Heaters

Small Repair Grant Program limited to income eligible seniors (55 years old or greater) for up to $5,000 to go toward necessary repairs such as failing water heaters, furnaces, roof repairs and emergency plumbing issues.

Rehab Incentive Program:
Depending on income, homeowners can qualify for a 15%, 20% or 25% rebate on the total cost of home improvement projects. Household income cannot exceed $100,680 (this figure changes annually). Maximum rebate is $10,000 per calendar year per household.

Last Resort:
For emergency repairs. Household income must be 50% AMI or less. $3,000 grant. Construction Manager's evaluation required.

Homebuyer Assistance:
Downpayment and closing cost assistance for buyers in McKinley, $4,000 forgiven after 5 years. Need not be a first time homebuyer.

Community Fix up Fund: 
Loans up to $35,000 at a lower interest rate, payable over 20 years. Fees and prepayment penalties apply. Household income must be less than $93,100. For North Mpls only.

North/Northeast Code Abatement: 
Deferred loan of $20,000 to address exterior code citations from the City of Minneapolis. Household income must be less than 60% area median income.

Homestead Matching Grant Program:
A grant up to $12,000.00 is available for improving exterior and interior plumbing/electrical, heating/cooling, handicap accessibility, maintenance and energy costs of homes and garages. Properties with no more than four dwellings are eligible. There is no income restriction although applicants with a family income greater than 50% of the Minneapolis median income must match their grant on a one-to-one ratio. The grant covers exterior rehabilitation projects on homes or existing garages.

Homebuyer Program:
Up to $5,000.00 available for down payment/closing costs. Eligible properties must be in the Ventura Village neighborhood. Properties must be owner occupied. Program can be used in conjunction with other MHFA programs such as CASA, HAF, ECHO, MMP, etc. No income limit.

Carriage House Grant Program:
A grant up to $20,000 per dwelling unit is available to finance the creation of a carriage house. A carriage house is a separate, detached structure that contains both an at-grade car garage and at least one totally independent dwelling unit of which part or the entire dwelling unit is above the garage. There is no income limit for the program

Demolition Assistance:

This program provides financial assistance to cover the cost of demolishing substandard or blighted property with an agreement that it will be replaced within a specified time frame with a new home that meets certain minimum design standards and area requirements. Properties meeting funding criteria may receive assistance up to $10,000 in the form of a ten-year forgivable interest- free loan, with a 10% reduction in principal each year.

Acquisition:

This option involves the purchase of substandard single-family home and land by the City of Mounds View Economic Development Authority (EDA) from a willing seller. The EDA will coordinate the site clearance and market the site to a developer/owner with an agreement that a new home would be constructed within a specified time frame that meets certain minimum design standards and area requirements.

Hearts & Hammers provides exterior painting and home repair for qualifying senior and physically disabled homeowners throughout the Twin Cities.  To qualify for assistance, homeowners must meet the following quidelines: 

  1) You must own and occupy your home

  2) Your home must be a single family residence

  3) You plan on living in your home for at least 2 years

  4) Your home has a siding material that can be painted

  5) Your home requires significant exterior painting

  6) You are physically unable to care for the exterior of your home

  7) You annual income does not exceed the limits set forth by Hearts & Hammers

Loans of up to $25,000 are available to Eden Prairie homeowners. There are no monthly payments. Repayment occurs when the home is sold or after 30 years, whichever occurs first. Interest is charged at a simple 5 percent for the first 10 years.

All homes built before 1978 will be required to have a Lead Risk Assessment. All lead-contaminated surfaces must be addressed as part of the Home Improvement Loan Project.

These loans are offered in an effort to help maintain the condition of housing and neighborhoods in the city. Applications will be processed in the order they are received.

Eligible repairs

• Replacement of roofs, electrical, heating and plumbing systems
• Cabinets, countertops, and flooring
• Gutters, windows, doors, insulation, siding
• Exterior painting
• Driveways, foundation, sidewalk and step repairs

Ineligible repairs

• Decorating
• Additions
• Finishing of basements
• Construction of garages
• Reimbursement for previously started or completed repairs

Application guidelines

To qualify for a Deferred Housing Rehabilitation Loan, the homeowner must have sufficient equity in their home to cover the loan amount and they must meet the current HUD 80% income limits.

                                                **All residents of house, related and unrelated, including renters.

Frogtown Facelift Loan Program helps homeowners who may not otherwise qualify for credit obtain funds needed for critical home repairs, and other home improvements. Families must be at 80% or less of median income. The maximum loan amount is $30,000. 1/3 of the loan is repaid at 5% over a maximum of 12 years, 1/3 is due on sale of the home, and 1/3 is forgiven over a 5 year period. 

Properties must be located within the City of Columbia Heights. Owner occupied single family homes, duplexes and townhomes are eligible. Eligible homeowners must have incomes at or below 80% of the area median income. This loan is a dollar for dollar matching deferred loan for up to $7,500. Only exterior improvements are eligible. The loan will be repaid with 2% interest upon sale of the property or title transfer.

A Business Improvement Partnership Loan available to businesses that have been located in Mounds View for at least two years.    The loan can be used for exterior and interior improvements at a minimum of $10,000 and a maximum of $50,000. The Mounds View EDA participates in the loan by providing ½ the loan amount at a 2% interest rate.

Contact: 

Heidi Steinmetz

Economic Development Specialist

763-717-4029

The objective of the Woodbury Goes Green Loan Program is to encourage sustainable and energy-efficient green building practices in the City of Woodbury. Low-interest loans of up to $5,000 are available to qualified families who earn no more than 115 percent of the area median income, capped at $90,000 per household. Eligible improvements include new high-efficiency furnaces or water heaters, improved insulation, new windows with better insulation and efficiency than existing windows and other improvements as pre-approved by the City of Woodbury Housing and Redevelopment Authority. This program may be combined with the Woodbury Home Improvement Fund if applicant households meet the criteria of both programs.

Townhome and condominium associations that need help financing improvements to common areas, can petition the City of St. Louis Park to create a Housing Improvement Area (HIA). The association must show that it is unable to obtain a loan through conventional sources. The HIA enables the city to provide a low interest loan that is repaid over a 10-to-15-year period via fees paid by the homeowners with their real estate taxes. For assistance, contact Kathy Larsen, Housing Programs Coordinator at (952) 924-2196 klarsen@stlouispark.org.

This zero interest deferred loan is available to owner-occupied, single family properties in Anoka County. Eligible properties must be at least 15 years old and meet the estimated market value limit. Maximum deferred loan amount is $15,000 for basic repairs to the home that meet minimum housing quality standards. Repayment of the loan is deferred until sale of the property, transfer of title or, in some cases when the mortgage is refinanced. Income limits and other criteria apply.

This is a home improvement loan for up to $35,000 with a maximum term of 20 years. The interest rate is fixed for the term of the loan. Contact the HousingResource Center™ for the current interest rate. The Fix up Fund loan is available to credit worthy owner-occupied homes that are one to four units. To qualify for the loan gross household income cannot exceeed $96,600. Most improvements qualify except for luxury items such as swimming pools.

The City of Hopkins provides funding to assist low and moderate income homeowners in improving their homes.

To qualify for a loan or grant the following requirements are necessary:

Must be a Hopkins' homeowner residing in the property to be improved.

Must not exceed the income limits as listed below.

Must have equity in the property equal to or greater than the loan or grant amount.

Income Limits (effective 5/14/10)
Number in Household	Grant	Half	Loan
One	$29,400	$37,250	$45,100
Two	$33,600	$42,575	$51,550
Three	$37,800	$47,900	$58,000
Four	$42,000	$53,200	$64,400
Five	$45,400	$57,500	$69,600
Six	$48,750	$61,750	$74,750
Seven	$52,100	$66,000	$79,900
Eight	$55,450	$70,250	$85,050

Terms

The maximum grant or loan is $25,000. The grant/loan is filed as a second mortgage on the property and is not assumable upon the sale of the home.

Loans are offered at 3% interest over a 12-year period. Grants do not require repayment, provided the homeowner lives in the home for ten years after the work is completed.

Eligible improvements

Improvements must be permanent. Such improvements include alteration or repairs to the property which correct defects or deficiencies in the property that affect the safety and habitability of the home. Work can also include upgrading the home's energy efficiency. Examples of eligible improvements include:

furnaces

roofs

windows

electrical

hot water heaters

structural repair

plumbing

insulation

The program is funded through the Community Development Block Grant program under the Department of Housing and Urban Development.

Homebuyers that are purchasing a vacant single-family detached home using an FHA 203K purchase-rehab loan can qualify for a forgivable no-interest loan for down payment and closing costs. The maximum loan is 3% of the acquisition costs (purchase price plus rehab costs) up to $5,000.