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YOU CAN Keep
Your Home Safe, Livable and Accessible!
If your Home
needs basic repairs, the Minnesota
Housing Finance Agency Rehabilitation Loan
Program may be the answer!
If your household annual adjusted gross income* is $18,000 or
less, you may be eligible for an MHFA Rehabilitation Loan.
0%, 30 year loan financing up to $15,000 is available to make
basic permanent repairs to your home without interest or
monthly payments. If your adjusted gross income* is $10,000 or
less and a resident of your home has a physical disability,
you may be eligible for a loan that provides financing up to
$20,000 for home improvements that benefit the person with a
disability.
How Do I Qualify?
• You must own the
property to be improved
and it must be your principal place of
residence.
• You must
be current in your property taxes.
• The net
value of your assets can not exceed
$25,000. (Not including personal property,
one auto, the property to be improved
including two adjacent platted lots or 160
adjacent acres of unplatted land, real
estate, equipment, supplies, and business
inventory.)
Single-family homes, duplexes and manufactured housing taxed
as real or personal property are eligible for this program.
*MHFA Adjusted Gross Income
Gross income means income from all sources, including those
that are not taxable. $1,000 for each of your household
residents is subtracted from your gross income to determine
adjusted gross income. There is also a special deduction for
extraordinary medical costs you may be eligible for. Check
with your local Administrator to see if you qualify.
Where Can You Apply?
MHFA
Rehabilitation Loans are distributed through local
administrators familiar with your area needs. Funds are very
limited and are allocated according to local priorities. To
obtain additional information, see the accompanying list of
Rehabilitation Loan administrators in your area. They can
determine your eligibility and provide application materials.
For a list of
administrators, call the Minnesota Housing Finance Agency at:
Twin Cities
651-296-8215
Greater
Minnesota 800-710-8871
TTY 651-297-2361
By email at
donna.dimatteo@state.mn.us
Or check us out
on the internet at:
www.mhfa.state.mn.us
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