Loans available to help rehab homes in foreclosure-impacted neighborhoods

Beginning April 25, homeowners and buyers in foreclosure-impacted neighborhoods of Minneapolis can apply to the City's Rehab Support Program, which provides $750,000 in financing to complete improvements, potentially increasing their home’s market value. The pilot program offers loans of up to $20,000 at zero-percent interest. Funding the City received from the Minnesota Housing Finance Agency will be matched dollar for dollar by the homeowner from any other source they choose. Approximately 50 loans will be available through this program.

The program is available to qualified homeowners and buyers in neighborhoods where 10 percent of the housing stock is in foreclosure. Eligible neighborhoods are: Shingle Creek, Lind-Bohanon, Webber-Camden, Cleveland, Folwell, McKinley, Jordan, Hawthorne, Willard-Hay, Harrison and Near North on the City's Northside and Central and Bryant neighborhoods on the Southside.

Loan Guidelines

Complete information about the program and list of eligible rehab projects see Guidlines for the Rehab Support Program (pdf). You can also get details about the Rehab Loan Program by calling the Greater Metropolitan Housing Corporation, program administrator, at (612) 588-3033.

Published Apr. 19, 2011