Recently the City of Minneapolis expanded the city’s Rehab Support Program to include more neighborhoods in south Minneapolis. The Rehab Support program was created by the City of Minneapolis to help improve housing and boost the housing market in neighborhoods that had seen high foreclosure rates or aging housing stock. Currently 23 neighborhoods are eligible for the program, many in south Minneapolis, including, Field, Regina, Minnehaha, Bancroft, among others (for a complete list see below). The program works with the Minnesota Housing Finance Agency’s Community Fix Up Loan to provide low interest home improvement loans.
Eligible borrowers may borrow up to $30,000 at 2% interest with repayment terms up to 20 years. Funds can be used for a variety of home improvements, including, any code enforcement orders, kitchen and bath remodeling, new siding and windows, permanent landscaping features, and many more projects.
Eligible borrowers must reside in the home or duplex where the work will be performed. Borrowers must also meet certain income requirements. Borrowers income cannot exceed 115% of the area median income (AMI) which is currently $98,700. If borrowers do not qualify due to the income limit, many neighborhoods have neighborhood loan programs which may be an option.
Eligible South Minneapolis neighborhoods include: