About 50 no-interest loans for home improvements will be available to about 50 homeowners or buyers in certain Minneapolis neighborhoods hit hard by foreclosures.
Applications will be accepted starting Monday by the Minneapolis Rehab Support Program, which offers loans of up to $20,000 at zero-percent interest. The money is for homeowners and buyers to complete improvements that will increase their homes’ market value. The homeowners have to match the loan amounts with funds from other sources.
Eligible neighborhoods — chosen because 10 percent of the housing stock is in foreclosure — are:
- Shingle Creek
- Near North
Eligible improvements include:
- Outstanding code orders and health and safety hazards
- Floor covering or refinishing
- Kitchen remodeling
- Bathroom remodeling
- New siding
- New or expanded garage, not to exceed 24 ft. x 24 ft.
- Permanent functional landscaping
- Replacement of doors and windows
- Insulation and weather stripping
- Addition to home
- Central air conditioning
- Finishing an unfinished basement or attic
- Replacing a furnace
- Repair or replacement of a deck or patio
Information can be found online or by calling the Greater Metropolitan Housing Corporation, program administrator, at (612) 588-3033.