Home Improvement Loans
EHFNA offers low-interest (2% and 4%) home improvement loans to qualified neighbors. The intent of this program is to assure the long-term future and value of the housing stock in our neighborhood. Upon repayment, the money loaned is reinvested in the program to create a perpetually revolving loan fund.
Who is eligible?
Anyone with income less than 150% of the Twin Cities' median household income (see chart below). Income will be considered as the Adjusted Gross Income from an applicant's most recent Federal Tax Return. If you're uncertain about your qualifications, we encourage you to write or call our office for clarification.
2% fixed interest rate
(up to 80% median) income must be less than:
Family Size of 1: $47,000
Family Size of 2: $53,680
Family Size of 3: $60,400
Family Size of 4: $67,120
Family Size of 5: $72,480
Family Size of 6: $77,840
Family Size of 7: $83,240
Family Size of 8+: $88,600
4% fixed interest rate
(80%-150% of median), income
Family Size of 1: $47,000 - $88,125
Family Size of 2: $53,680 - $100,650
Family Size of 3: $60,400 - $113,250
Family Size of 4: $67,120 – $125,850
Family Size of 5: $72,480 – $135,900
Family Size of 6: $77,840 – $145,950
Family Size of 7: $83,240 - $156,075
Family Size of 8+: $88,600 - $166,125
What kinds of properties are eligible?
Properties must be located within the East Harriet Farmstead geographical boundaries (see map) Rental properties, such as a duplex, cannot exceed two units. Condominiums are eligible under the same guidelines as single-family homes. Loans to condominiums are limited to the individual owners, not an owners' association. Rental properties must be licensed by the city.
How much can I borrow?
The minimum loan size is $2,000, with a maximum of $15,000. Generally, repayment terms are one year per $1,000 borrowed. This is somewhat flexible depending on the size of the loan. For most cases, the maximum term will be 10 years.
How do I apply?
Download detailed guidelines here and please feel free to call our office with any questions: 612-824-9350:
East Harriet Home Improvement Loan Program
Home improvement loans are administered by the Center for Energy and Environment (CEE). To download the application or learn more you may visit the East Harriet page on the CEE website.