HOME IMPROVEMENT AND REHABILITATION LOAN PROGRAMS
The City of Coon Rapids has financing programs
available to assist residents with home improvement and
rehabilitation projects. These loan programs are administered by
agencies outside the City of Coon Rapids. The following
information offers a brief description of each program. Some
programs have income qualifying requirements. Please contact the
program administrators listed below for additional information,
including income limits.
Zero Interest Home
Rehabilitation Loan
for Low- and Moderate-Income Homeowners - Funds committed from
the federal Community Development Block Grant program are
available for those improvements necessary to meet minimum
housing quality standards. The loan is deferred without interest
and becomes payable when the home is sold or is no longer the
principal resident of the recipient of the funds or, under
certain conditions, when a mortgage is refinanced. The program
is administered by the Greater Metropolitan Housing Corporation.
Contact Marie Malrick at the HousingResource Center™
at (651)486-7401.
Coon Rapids Home
Improvement Loan Program - The City of Coon Rapids has
made funds available for improvement loan programs.
Residents may borrow up to $30,000 at interest rates ranging from
0.5% to 6.375%. Depending on your income, loans may be available with
affordable monthly payments or deferred with no monthly payments.
The Home Improvement Incentive Loan Program
provides loans for most types of home improvement projects --
siding, roofing, windows, kitchen and bath remodels, plumbing,
wiring, driveways, sidewalks, carpet, flooring, furnace and
central air, basements, garages, fences, landscaping, and more!
The Home Rehabilitation Assistance Program provides loans
for necessary repairs or improvements to meet housing code
standards. The Two-family Home Improvement Loan Program is
intended to provide incentive to owners of two-family homes to
undertake exterior maintenance and rehabilitation projects at the
same time as the adjoining tenant to ensure that the exteriors of
both units remain compatible. An Emergency Home Repair Loan
Program provides funds for homeowners that have emergency
repair needs but who do not qualify for other home improvement
loan programs.
These Home Improvement Loans are available
immediately on a first come, first serve basis. Loan opportunities
are available for households of all income levels. In most cases,
you may either hire a contractor to complete your projects or do
the work yourself.
The loan funds are made possible through the
Coon Rapids Mortgage Assistance Foundation and the City of Coon
Rapids. Contact Brenda Yaritz at CEE Financial Resources,
a division of the Center for Energy and Environment,
at 612-335-5891
or visit www.mncee.org.
Low Interest Home
Improvement Loan Program - The Minnesota Housing
Finance Agency (MHFA) FixUp Fund offers loans at a 6.5%
interest rate to qualifying homeowners. The Fix-Up Fund
was established to improve the basic livability and/or energy
efficiency of the borrower's home. Contact Brenda Yaritz at
CEE Financial Resources, a division of the Center for Energy and
Environment, at 612-335-5891 or Marie Malrick at
the HousingResource Center™, a program of the
Greater Metropolitan Housing Corporation, at (651)486-7401.
The City also contracts with the Center for Energy and
Environment to provide Remodeling Advisor Visits. This
service provides assistance to homeowners in identifying and
prioritizing improvements and provides objective remodeling
advice and assistance with the collection and evaluation of
project bids. Contact Christina Lussio at 612-335-5856 to
schedule an appointment.
The administration of these programs is
provided by outside agencies. Contact the program administrators
listed above for full program descriptions and information.
