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Housing Programs

LNA Housing Programs

Single Family Revolving Loan Program

Provides loans for improvements to single family homes, condos, townhomes, and cooperatives in Lyndale.  Loan amounts range from $3,000 to $15,000 with a maximum loan term of 10 years.

Loans can be used to correct outstanding code violations, improve energy efficiency, and general improvements.

Single Family Revolving Loan Info Sheet

Home Improvement Loan Application

Multi-Family Revolving Loan Program

Provides loans to support Lyndale rental property owners in making improvements to their properties to stabilize and improve the condition of Lyndale’s rental housing stock.  The minimum loan is $3,000, with a maximum of $15,000 for buildings with one to three units and a maximum of $30,000 for units with four or more units.

Loans can be used to correct outstanding code violations, improve energy efficiency, and general improvements.

The interest rate for the Single Family and Multi-Family Revolving Loan Programs is based on the Loan to Value (LTV) Ratio of the property and the current Prime Interest Rate.  The minimum loan rate will be four (4) percent.

Percentage of Loan to Value Ratio

 Interest Rate
Below 80% Prime less 1%
Between 80% and 90% Prime
Over 90% and below 100% Prime plus 1%

To calculate your Loan to Value (LTV) Ratio divide the loanamount by the value of the property

Multi Family Revolving Loan Info Sheet

Home Improvement Loan Application

Affordable Housing Loan Program

Provides loans to support affordable rental and home ownership opportunities in Lyndale.  The minimum loan is $3,000, with a maximum of $15,000 for buildings with one to three units and a maximum of $30,000 for units with four or more units.

Interest Rates

Interest rates for the Affordable Housing Program are based on the affordability of the units.

A two (2) percent interest rate is available if a majority of units meet 50 percent MMI (Metropolitan Median Income) or below. This will be established by a quarterly report showing proof of rents paid for each unit.

A four (4) percent interest rate is available if a majority of units meet 80 percent MMI (Metropolitan Median Income) and projects are related to energy efficiency improvements that help lower on-going energy costs. To be considered an eligible energy efficiency-related improvement the property must have had an energy audit within the previous three years and the improvements must be part of the energy audit’s recommendations.

Loans can be used to correct outstanding code violations, improve energy efficiency, and general improvements.

Metropolitan Median Income (MMI) levels are based on the size of the families.

Family Size

50% of Median

80% of Median

1

$29,375

$47,000

2

$33,550

$53,680

3

$37,750

$60,400

4

$41,950

$67,120

5

$45,300

$72,480

6

$48,650

$77,840

7

$52,025

$83,240

8

$55,375

$88,600

MMI Info is current as of November 2009

Affordable Housing Loan Program Info Sheet

Home Improvement Loan Application

Homebuyer Assistance Deferred Loan Program

Provides deferred loans to assist Lyndale renters in purchasing homes in the Lyndale Neighborhood. The maximum loan amount is $2,500 at zero percent interest.  Applicant must be a first-time homebuyer (defined as someone who has not owned a home within the past three years) and must have rented in the Lyndale Neighborhood for the prior year. 

Loans can be used to correct outstanding code violations, improve energy efficiency, and general improvements.

Home Buyer Assistance Info Sheet

Homebuyer Assistance Loan Application

CEE Housing Programs

The following housing programs are available from CEE.  To find out more information check out www.mncee.org or contact Jim Hasnik at jhasnik@mncee.org / 612.335.5885

Minnesota Fix-Up Fund

The Minnesota Fix-Up Fund is a statewide program that offers loans at below market interest rates to homeowners.  The fix-up fund was established to improve the basic livability and/or energy efficiency of the borrower’s home.  Eligible projects include interior or exterior improvements, general remodeling or maintenance items.

Home Energy Loan Program

The Home Energy Loan Program is a statewide program that offers low interest loans to homeowners who want to make energy improvements to their properties.

Rental Energy Loan Fund

The Rental Rehabilitation Loan offers owners of residential rental properties low interest financing to complete improvements that increase the livability of the property including interior or exterior projects, general remodeling, or maintenance issues.

MHFA Rental Rehabilitation Program

The Rental Rehabilitation Loan Offers owners of residential rental properties low interest financing to complete improvements that increase the livability of the property including interior or exterior projects, general remodeling, or maintenance issues.

General Conditions

The following are general conditions for LNA’s Loan Programs:

  • Work by owner can be performed on a sweat equity basis, with loan funds used only for materials.
  • Materials must be purchased and installed prior to disbursement of loan funds
  • When applicable, a signed City Inspections Department permit must be obtained by the owner.
  • All loans will be secured with a mortgage in favor of the City of Minneapolis
  • Contractors contracting for work must be properly licensed and permits must be obtained when required by city ordinance.
  • If the improvement totals less than $5,000 the borrower is only required to submit one bid. If the improvement totals more than $5,000 two bids must be submitted.
  • All work must be completed within 180 days of the loan closing. Exceptions may be authorized on a case by case basis.
  • It is the borrower’s responsibility to obtain the amount of funds necessary to finance the entire cost of the work.
  • In the event a building permit is not required for a project; an inspection will be performed by CEE to verify the completion of the work.
  • The following items must be received prior to final disbursement of funds:
    • Final proposal or invoice from contractor or materials list from supplier.
    • Final inspection verification by CEE or City of Minneapolis
    • Completion certificates signed by borrower and contractor
    • Proof of payment to contractor for any required owner’s funds
    • Lien waiver for entire cost of work
    • Evidence of required city permit

Looking for Help

Not sure which program is for you.  For more information or to schedule an informational meeting with LNA staff to hel find the right program for you contact Norma at 612.824.9402 ex 15.

Application Information

Application materials are available at:

Completed Applications

  • Should be sent to the Center for Energy and the Environment (CEE) – 212 3rd Avenue North, Suite 560, Mpls, MN 55401

Refer to program info sheets for complete program details and requirements.

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