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City of Fridley <br /> 101 <br /> Pr <br /> • Housing Rehabilitation og rams <br /> The Fridley Housing and Redevelopment Authority(HRA) provides a variety of housing <br /> rehabilitation programs to help Fridley residents maintain and improve their homes and <br /> apartments. The following is a summary of the programs available. All of the single and multiple <br /> family programs are administered under contract by the Center for Energy and Environment <br /> (CEE), a non-profit agency based in Minneapolis. <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 <br /> program is available to any homeowner with an income up to $63,000 per year. Some credit <br /> restrictions also apply. Loans can be used to improve owner-occupied properties with up to four <br /> units. Funded through the Fridley HRA. Other programs can also be used in conjunction with this <br /> 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. <br /> Income limit is $75,000 per household. To learn more about this program,which is funded <br /> through the Minnesota Housing Finance Agency, go to the MHFA web site. <br /> • Home Improvement Grants <br /> For low-income homeowners who are unable to qualify for a regular home improvement loan, this <br /> program provides up to $15,000 in assistance. The funds are provided in the form of a deferred- <br /> payment loan which is reduced by 10 percent each year for 5 years. At the end of 5 years, the <br /> remaining balance must be repaid whenever the home is sold. To qualify, applicants must meet <br /> certain income guidelines which are based on household size and have less than $25,000 in <br /> assets. Funded through the Community Development Block Grant(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 <br /> for homeowners and landlords to fix-up their properties. Up to $4,000 per unit is available and <br /> must be matched by the owner. The owner may use their own funds, a bank, or any of the loans <br /> previously mentioned (except the last resort program)for the required match. Homeowners with <br /> incomes up to$55,000 are eligible.Additional underwriting must be met as well. Funded through <br /> the Fridley HRA. <br /> Back to Housing and Building <br /> • <br />