Minneapolis Real Estate Blog

Revolving Loan Fund

This program offers loans up to $35,000 at 6%*. Maximum repayment term is 20 years. The program is available to any homeowner with an income up to $80,000 per year. Some credit restrictions also apply. Loans can be used to improve owner-occupied properties with up to four units. Funded through the Fridley HRA. Other programs can also be used in conjunction with this program.

Minnesota Fix-Up Fund

This program offers loans up to $25,000 at 7.5%*. The maximum repayment term is 20 years. Income limit is $88,000 per household. To learn more about this program, which is funded through the Minnesota Housing Finance Agency, go to the MHFA web site.

Home Improvement Grants

For low-income homeowners who are unable to qualify for a regular home improvement loan, this program provides up to $15,000 in assistance. The funds are provided in the form of a deferred-payment loan which is reduced by 10 percent each year for 5 years. At the end of 5 years, the remaining balance must be repaid whenever the home is sold. To qualify, applicants must meet certain income guidelines which are based on household size and have less than $25,000 in assets. Funded through the Community Development Block Grant (CDBG) and HOME programs.

Matching Deferred Loans

This program is available only in the Hyde Park neighborhood and is intended to be an incentive for homeowners and landlords to fix-up their properties. Up to $4,000 per unit is available and must be matched by the owner. The owner may use their own funds, a bank, or any of the loans previously mentioned (except the last resort program) for the required match. Homeowners with incomes up to $55,000 are eligible. Additional underwriting must be met as well. Funded through the Fridley HRA.