Revolving Loans

Contact SECIA office or Brenda Yaritz, 612-335-5891, loan officer with further questions.

 

Revolving Loan Program

  • For single family homes, duplexes & triplexes
  • Interest rate - 4.75% (as of 7/11)
  • No maximum income limit.  Applicants with an annual household gross income of $89,000 or less regardless of family size will have first priority for loans.
  • Loan term:  This will be somewhat flexible depending on the size of the loan.  The maximum term will be 15 years.
  • Loan amount:  Minimum loan size of $1,000 and maximum of $15,000.
  • Eligible properties:  Properties must be located in the Southeast Como neighborhood.  Properties must be owner-occupied and contain not more than 3 dwelling units. 
  • Eligible improvements:  For purposes of the revolving loan program, eligible improvements will be those improvements eligible through the MHFA Fix-up fund program as stated in the MHFA Procedural Manual.  In addition, repair of any City of Minneapolis written code violations are also eligible.
  • Applicants must provide a completed application package including the following:
  • Completed application form
  • Proof of income (last completed Federal Tax return)
  • Most recent Hennepin County real estate property tax statement
  • Data Privacy Act Statement and Consent Form - PDF
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