Home rehab loans available
28 Aug 2017
Owning a home is a part of the American dream, which helps individuals on a path towards wealth accumulation. Unfortunately, homeownership rates are at the lowest rate in 50 years. This makes programs to encourage sustainable homeownership more important than ever.
The Central Minnesota Housing Partnership is facilitating a program on behalf of Elk River to help homeowners rehabilitate homes in the downtown area that don’t meet city code or HUD Housing Quality Standards. Low interest loans of up to $25,000 are available for essential upgrades, including electrical wiring updates and the removal of health hazards such as lead based paint and asbestos.
Applications are available online and are processed on a first come, first served basis. The home must meet certain criteria.