Property owners who want to fix up their rental property have until Jan. 20 to apply for the Minnesota Housing Finance Agency's Home Rental Rehabilitation Program.
The program offers owners of rental property a 0 percent deferred loan for rehabilitating their buildings. Repayment is based on project need and a five-year compliance period.
Eligible building improvements include, but are not limited to, roofs, siding, windows, major systems updating, floor coverings and painting.
The goal of the program is to provide long-term benefits to lower income tenants who occupy affordable housing rental units and to owners of these properties.
The home rehabilitation program targets properties that meet certain rent and income guidelines. Properties must consist of at least 51 percent residential space and contain a minimum of eight units.
A minimum of $3,000 to $14,000 is available in loans for each applicant. The property owner is responsible for anything more than $14,000.
Rental property owners in Aitkin, Benton, Carlton, Cass, Chisago, Crow Wing, Isanti, Kanabec, Morrison, Mille Lacs, Pine, Sherburne, Stearns, Todd and Wright counties are eligible to enroll in the program.
For more information on a property's eligibility and how to apply, contact Deanna Hammesch of the Central Minnesota Housing Partnership at (320) 259-0393.
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