Northwest Minnesota Residents Eligible for Home Improvement Loans

Written by Posted On Tuesday, 26 May 2015 06:05

For residents of Minnesota who live in the Northwest part of Minnesota and in the Headwaters Region of the state the regional development commission is offering a housing rehabilitation loan. The sixteen counties that are eligible for this loan that is being offered include:

·       Wilkin

·       Traverse

·       Roseau

·       Red Lake

·       Polk

·       Pennington

·       Norman

·       Marshall

·       Mahnomen

·       Lake of the Woods

·       Kittson

·       Hubbard

·       Grant

·       Clearwater

·       Beltrami




About the Program

The Rehabilitation Loan Program was designed to provide home owners living in the above counties that are eligible based on their income with the money that they need in order to make improvements to their home. This includes improving the safety of the home, the livability of the home, or the energy efficiency of the home. 

Some of the improvements that can be made using the money from the loan including electrical repairs, heating repairs or improvements, repairs to the roof or replacement of the roof, new siding, windows, and more.

When enrolled in the program a homeowner can receive up to $27,000 to use towards their repairs and home improvement projects. These loans will be forgiven if the home owner stays in the house until the full term of the loan has ended.


Income Requirements

Individuals who live in the qualifying counties and wish to take part in the loan program will need to meet certain income requirements to be eligible. Potential borrowers can also not have any more than $25,000 in assets. A borrower will have to own and occupy the home and have homeowner’s insurance. It is also required that the property taxes for the home be current and that the mortgage on the home be current.

According to Mary Tingerthal, who is the Minnesota housing commissioner, everyone that lives in the state should have a place that is safe and livable to call their home. The rehabilitation loan program has been designed in a partnership with the Regional Development Commission to help local families fix and renovate their homes so they are safe and in the best shape possible for many years to come. Being able to fix up your home is often an expensive endeavor and not one that many people can afford. This loan program is looking to change all of that by providing those in need with the money that is necessary to make genuine home improvements that can make their quality of life so much better. This program was designed as an aid to help build a strong community in the northern part of the state. 

The overall goal of the program is to create homes that are healthy, safe, and affordable for families who are living throughout the Northwest Minnesota area. This rehabilitation loan program is a great way to help lower income families be able to maintain their homes in a way that is affordable. This program is a wonderful step to providing people with the homes that they deserve and that they need.

The RE/MAX Results - Kris Lindahl Team has jumped on board with this project stating that it is a great program that many of their homeowners are going to be willing and ready to use. Working with Minnesota Housing, which is a state agency that has been designed to finance affordable housing units for families in Minnesota who have a low or moderate income has been great. This agency truly cares about the residents of the state had has done everything in its power to making housing throughout Minnesota affordable for its residents.

Anyone that is interested in learning more about the rehabilitation loan program including the income requirements may contact Headwaters Regional Development at 218-333-6530. You may also visit the Minnesota Housing website to learn more about the programs that are available to all Minnesota residents. Even if you do not qualify for the rehabilitation loan program, chances are there is another program available from the state agency that you are eligible for and can help you with the maintenance of your home.




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