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8.0. HRSR 05-27-2003
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8.0. HRSR 05-27-2003
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City Government
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HRSR
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Fridley Minnesota City Services Housing &Redevelopment Authority Page 2 of 3 <br /> Single Family Housing Programs <br /> • Revolving Loan Fund <br /> This program offers loans up to $35,000 at 6%. Maximum repayment term is 20 years. The program is available <br /> to any homeowner with an income up to $63,000 per year. Some credit restrictions also apply. Loans can be used <br /> to improve owner-occupied properties with up to four units. Funded through the Fridley HRA. Other programs can <br /> also be used in conjunction with this program. <br /> Minnesota Fix-Up Fund <br /> This program offers loans up to$25,000 at 7.5%. The maximum repayment term is 20 years. Income limit is <br /> $75,000 per household. To learn more about this program,which is funded through the Minnesota Housing <br /> Finance Agency, go to the MHFA web site. <br /> . <br /> Home Improvement Grants <br /> For low-income homeowners who are unable to qualify for a regular home improvement loan, this program <br /> provides up to$15,000 in assistance. The funds are provided in the form of a deferred-payment loan which is <br /> reduced by 10 percent each year for 5 years. At the end of 5 years, the remaining balance must be repaid <br /> whenever the home is sold. To qualify, applicants must meet certain income guidelines which are based on <br /> household size and have less than $25,000 in assets. Funded through the Community Development Block Grant <br /> (CDBG)and HOME programs. <br /> Matching Deferred Loans <br /> This program is available only in the Hyde Park neighborhood and is intended to be an incentive for homeowners <br /> and landlords to fix-up their properties. Up to$4,000 per unit is available and must be matched by the owner. The <br /> owner may use their own funds, a bank, or any of the loans previously mentioned (except the last resort program) <br /> for the required match. Homeowners with incomes up to $55,000 are eligible. Additional underwriting must be met <br /> as well. Funded through the Fridley HRA. <br /> Back to Housing and Building <br /> Rental Property Housing Rehabilitation <br /> Rental Rehabilitation Loans <br /> This program provides loans up to $10,000 per unit(max. $100,000 per structure)for improvements made to <br /> rental property. A 6% interest rate is charged to owners and the maximum repayment term is 15 years. Applicants <br /> must meet additional underwriting criteria. To learn more about this program, which is funded by the Minnesota <br /> Housing Finance Agency, see the MHFA._web site. <br /> . <br /> Who To Contact <br /> Program Administrator: <br /> Community Revitalization Resources <br /> 211 N. 1st Street, Suite 455 <br /> Minneapolis, MN 55401 <br /> Main Line: 612-335-5880 <br /> • Fax Line: 612-335-2650 <br /> Director: Dave King, (612)335-5889 <br /> 24 Hour Hotline: 612-335-2651 <br /> http://www.ci.fridley.mn.us/sery/hra.html 5/20/2003 <br />
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