Home Improvement Loan Program Guidelines 

The Home Improvement Loan Program is a great financing tool for Minneapolis homeowners. The loan's fixed interest rate is lower than most bank loans. Almost any home improvement project is eligible, including furnace or air conditioning replacement, insulation, new windows or doors, or general remodeling. See below for specific program requirements.

General Requirements:

  • Limited to Near North and Willard Hay neighborhoods of Minneapolis
  • No maximum income limits
  • Interest rates and maximum terms of loans vary by program and are subject to change per Neighborhood Housing Services of Minneapolis’ policy.

Home Improvement Loan Program

  • Properties with up to 4 units eligible.
  • Homes must be owner-occupied. (Loans available for absentee owners with duplexes.)
  • Funds can only be used for home improvement only; no personal property
  • Maximum loan amount is $20,000. (Additional restrictions may apply for homes with 2 to 4 units.)
  • Maximum loan term is 30 years.

Senior Deferred Loan Program

  • Properties with up to 2 units eligible.
  • Homes must be owner-occupied.
  • Funds can only be used for home improvement only; no personal property
  • Maximum loan amount is $20,000 for regular home improvement and $5,000 for emergency repairs.

Purchase/Rehab Loan Program

  • Residential properties with up to 2 units eligible.
  • Buyers must intend to occupy the home as their main residence.
  • Funds are intended for situations where purchase plus rehab exceeds after-rehab market value of the home.
  • Maximum loan amount is home value plus $8,000.

Homebuyer Entry Cost Assistance

  • Residential properties with up to 2 units eligible.
  • Buyers must intend to occupy the home as their main residence.
  • Funds are intended to assist with down payment or other closing costs associated with purchase of the home.
  • Maximum loan is $5,000.