Home Rehabilitation Loan Program: and how it affects Minneapolis real estate

Minnesota's affordable housing bank, Minnesota Housing, offers services to help Minnesotans buy and fix up homes. They support the development and preservation of affordable rental housing by offering financing and on-going asset management of affordable rental housing developments. Home repairs are costly and can quickly spend down your hard earned savings. The Housing Rehabilitation Loan Program is a deferred loan, which helps low and moderate-income homeowners maintain their homes and properties.

To be eligible for The Home Rehabilitation Loan Program, the applicant; must own and live in; the home, and have a gross, combined; income below the following HUD income limits, which are shown according to; the number of persons in a household:

Plan early if you think this is a good fit for you. Interest-free, deferred loans are available on a first-come, first-serve basis to residents whose homes need repair. Loan repayment is deferred until the home is sold, or in 30 years, whichever occurs first. The loan can be repaid early. Tons of home improvements are eligible through this program, including safety, energy and building-code related items.

Repairs and replacements that improve and maintain the home's integrity normally included:

Furnace

Home Insulation

Air Conditioning

Water Heater

Doors/Windows

Roof

Siding

Electrical

Plumbing

Residential Driveways

Sidewalks

Major Appliances

Well Abandonment

Foundation Restoration

Gutters

Painting Home Exterior