Chisago County HRA - EDA
38871  7th Avenue
P.O. Box 815
North Branch, Minnesota 55056
(651) 674-5664
Contact Us

YOU CAN Keep Your Home Safe, Livable and Accessible!

Rehabilitation Loan Program Summary

Am I Eligible for a Minnesota Housing Rehabilitation Loan?
Yes, if you:

  • Own and occupy the property as your principal residence for more than six months.

  • Have clear title to the property (contracts for deed & life estates are ineligible).

  • Mortgage payments are current.

  • Real estate taxes are current.

  • Homeowners insurance is current and levels of coverage meets program requirements.

  • Do not have assets that exceed $25,000.

  • Meet the income limits.  Current income limits are:


 Size of Household

 11/2012
Income Limits


 
Size of Household

11/2012
Income Limits

 1 Person

 $17,700

 5 Persons

 $27,100

 2 Persons

 $20,200

 6 Persons

 $29,100

 3 Persons

 $22,700

 7 Persons

 $31,300

 4 Persons

 $25,200

 8 Persons

 $33,300

  • As a prerequisite to application for the Rehab Loan Program, Borrower must have applied to the Energy Assistance Program through Lakes & Pines CAC  (1-800-832-6082).

  • Homes built prior to 1978 will undergo a lead-based paint inspection and any potential lead hazards will be addressed.   

Loan Features

  • Maximum loan amount varies per program year.

  • Loan Funds are limited and may not be available at all times. A waiting list is maintained.

  • Maximum loan term is 15 years for properties taxed as real estate and manufactured homes taxed as real property;  and  10 years for mobile/manufactured homes taxed as personal property located within a mobile home park.  Secured by mortgage and/or lien.

  • All loans are interest-free, deferred loans which are forgiven at the end of the loan term.

  • If the borrower sells, transfer title, or ceases to occupy the property during the loan term, the loan will become due and payable in full.

  • During the term of the loan, the Borrower’s ability to use any equity in the property may be severely restricted.  Minnesota Housing allows subordinations only under limited circumstances and only with prior written approval.

Improvement Possibilities

Chisago County HRA-EDA administers the Minnesota Housing Finance Agency (MHFA) Rehabilitation Loan Program which assists low income homeowners in financing basic home improvements that directly affect the safety, habitability, energy efficiency of their homes. Some of the possible repairs include updating electrical wiring, furnace replacement, plumbing, roofing and septic repairs.  Lead paint hazards will be addressed.

To Apply:   Please contact Chisago County HRA-EDA, 651-674-5664, for an application.  

  



 County HRA-EDA | County Links | Business Resources | Central MN Initiative Fund | Financial Assistance | Available Land Sites
MN Dept of Employment & Econ Dev | Start-Up Business Plan | Housing Resources | Visitor Info | County & City Profiles | Home

Copyright © 2002 Chisago County HRA-EDA, MN
Last revised: February 25, 2013

Site designed by  LMEK Graphics & Designs
Site Hosted by berrybros.net