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 and the links to applications are below. Please note other restrictions may apply.

If you have any questions, please contact CEE at 612-335-5884.

 

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.

 

Emergency Grant

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:

Minneapolis Renters Coalition’s Monthly Renter Support Fund

The City of Minneapolis (Minneapolis Home Improvement Programs pdf)

MN Housing Finance Agency

Community Action Partnership of Hennepin County

Rebuilding Together Twin Cities