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Minnesota Housing Finance Agency (MHFA) - Home Improvement
Loan Program
| | | Rehabilitation
Loan/Emergency and Accessibility Loan Programs (RLP/ELP)
| The Rehabilitation Loan
Program (RLP) provides deferred loan financing to eligible low-income homeowners statewide who are unable to secure home improvement
financing in the private sector. Funds may be used for basic home improvements that directly affect the home’s safety,
habitability or energy efficiency. The Emergency and Accessibility Loan Program (ELP) assists homeowners needing emergency assistance
or essential accessibility improvements.
| | Program Features
| - Maximum loan amount is $37,500
- Maximum loan term is 15 years for properties taxed as real property and 10 years for manufactured homes taxed
as personal property located in a manufactured home park
- Loans are forgiven if the borrower
does not sell, transfer titil, or ceases to occupy the property during the loan term
- Various
property types are eligible including, but not limited to: single family homes, duplexes, a condominium unit, and manufactured
housing taxed as real or personal property
| | Eligibility Requirements
| - Borrower meets the program income limits
- Borrower does not have assets exceeding
$25,000
- Borrower owns and occupies the property to be rehabilitated
- Borrower is current on property taxes and any mortgages
| | Eligible Improvements
| Basic improvements that
directly affect the safety, livability, or energy efficiency of the home, including: - Addressing lead paint hazards
- Electrical wiring
- Furnace/boiler
repair or replacement
- Plumbing repairs
- Well and septic repair or replacement
- Radon mitigation
- Mold remediation
- Windows
- Siding
- Roof repair or replacement
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Contact Southwestern
Minnesota Opportunity Council
staff for more information about this program
| 507-376-4195 (ext 235 or 249)
| | | Get pre-approved by filling out the MHFA pre-application
- Click on the Link below
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MHFA - Pre-Application Form
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The following income limits are effective
for any loans locked under the Rehabilitation Loan Program/Emergency & Accessibility Loan Program on
or after June 3, 2024.
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1 Person
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$26,100
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2 People
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$29,800
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3 People
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$33,600
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4 People
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$37,300
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5 People
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$40,300
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6 People
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$43,300
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7 People
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$46,200
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8 People
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$49,200
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