Housing Task Force
Central Neighborhood needs secure, safe, affordable housing.
Our purpose is to work for housing stability of Central residents. Historically focused on providing grants and low interest loans to low income home owners, CANDO is also working to support the needs of renters in Central.
Our strategies: organizing community members around housing quality and affordability issues. Marketing housing grants and loans to community members in need.
Questions? Want to get involved? Come to our next meeting or email firstname.lastname@example.org.
Sept 19, 6-8pm
On July 18, 2018 around 40 people gathered at the CANDO office for the Rent Affordability Community Forum.
Highlights included a screening of the first episodes of Free Truth Media’s “Makers of History” documentary on housing affordability in the Twin Cities. Also community members shared what we could bring to table to make rent affordability a reality for our Central neighborhood!
We will be moving forward with the Tenant & Landlord database which will help renters find reputable landlords in Central. We envision this opening the pathway to provide rental property owners with funds for repairs if they agree to keep their rental units affordable.
Housing Loan/Grant Programs
CANDO's Housing Loan and Grant programs are back!
We are now working with Center for Energy and Environment to service our loan programs again. Brief program information is below. Please note other restrictions may apply.
Revolving Loan Program AKA low-interest home-improvement loan
Interest Rate 3%. Income Limit 80% of AMI. Loan Amount Max: $35,000. Debt to Income Ratio limit 55%. Loan to Value Ratio 110%. Ineligible Improvements: luxury or recreational, funds for working capital, debt service, refinancing existing debts, or work initiated prior to the loan application being received by the program administrator. Loan funds cannot be used for the purchase of tools or equipment. Underwriting / Credit Requirements: Borrowers must be current on housing payments and property tax payments. CEE will approve or deny loans based on a credit report, income verification and other criteria. No bankruptcy in 18 months. Max. 3 ‘90 day lates’ Multiple Bids Minimum of 1 bid for each project less than $5,000 and two bids for each project over $5,000. Work completion within 120 days of closing.
Income Limit 80% AMI .Grant Amount Min: $500 Max: $5,000. Multiple loans per property Yes, combined max: $5,000. Eligible Properties: Residential 1-4 units & do not qualify for the Revolving Loan Program. Must be Owner-Occupied. Eligible repairs are determined by CEE rep analysis. Some examples may include: major mechanical system failure, roof failure, foundation failure, radon, mold and asbestos mitigation, sewer failure and/or other health/life-safety hazards. Definition of an emergency: an imminent condition that makes the house uninhabitable, or imminently threatens the health/life-safety of the occupants. Borrowers must be current on housing payments and property tax payments. Bids minimum of 1 bid for each project less than $5,000 and two bids for each project over $5,000. Work Completion within 60 days of grant closing.
Deferred Down-payment/Purchase Program
Income Limit 80% of AMI. Grant Amount $5,000 or up to $10,000 for vacant properties. Must be owner-occupied.
After 10-years the loan is 100% forgiven. Eligible Properties 1-4 unit residential. Debt to Income Ratio limit 55%. Loan to Value Ratio 110%. Must register and complete pre-purchase Homebuyer Education Program prior to closing. Eligible Use of Funds Down-payment or closing cost related to the purchase of the subject property.
Other organizations that may be able to offer support: