Southwest Fix It Loan
This loan carries a 3% interest rate with no income limit. Loan terms are generally one year per $1,000 borrowed with a minimum amount of $5,000 and a maximum loan amount of $20,000. The loan may be used for most exterior and interior improvements that are not luxury or recreational upgrades. (Currently out of funds)
Armatage Emergency Repair Loan
This loan carries a 0% interest rate and is deferred for five years from the date of loan closing. There will be no monthly payments during the first five years. At the end of five years the principal loan amount becomes payable. Monthly payments will be amortized at a rate of $1,000 per year. If the borrower sells the property, no longer resides in the property as their principal residence or transfers title prior to the pay-off of the loan, the entire amount owing becomes due and payable. Contact the Housing Resource Center listed below for further information.
Minneapolis Home Improvement Loan Program
This loan program is available in all neighborhoods of the City. Only owner-occupied single-family detached homes qualify.
• Homeowners that have a gross annual income up to 80% of the Area Median Income (AMI) may qualify for a no-interest deferred loan to meet basic code requirements, a red-tagged furnace and health and safety improvements. The maximum loan amount is $25,000.
• Homeowners that qualify for either loan program may also qualify for a lead grant to reduce lead levels in their home, as required by the U. S. Department of Housing and Urban Development.
There is normally a waiting list for this program. Please call the HousingResource Center listed at the bottom of the page for more information.
Minnesota Housing Fix Up Loan
The HousingResource Centers offer low interest loans including the Minnesota Housing Fix Up Loan. This is a home improvement loan for up to $50,000 at a fixed interest rate. The loan term may be up to 20 years. These loans can be used to repair, remodel or keep your home warm and save money too! Contact the HousingResource Center for the current interest rate and income limits. Ask about new Fix Up Loan features that include unsecured loans up to $15,000 with no equity requirement, and loans at a reduced interest rate when used exclusively for basic energy-saving or accessibility improvements; maximum loan $15,000. PRINT APP
Homeowners that own a home through City of Lakes Community Land Trust (CLCLT) are eligible for a Community Fix Up Loan, which has a slightly lower interest than the regular Fix Up Loan. Contact the CLCLT at (612) 594-7150 for more information.
For more information contact the HousingResource Center
2148 44th Avenue North
Minneapolis, MN 55412
Phone: (612) 588-3033