NENA is pleased to announce the relaunch of its very popular home loan programs through its new partner the Center for Energy and Environment (CEE). NENA is now offering two home improvement loan programs. Homes in the Keewaydin, Minnehaha, Morris Park and Wenonah neighborhoods are eligible. Loan applications are processed on a first-come first served basis.
1. Emergency Repair Loans
A limited amount of funds are available for emergency repairs and improvements identified through a site visit and for homeowners that do not qualify for the home improvement loan. Only owner-occupied households are eligible. Income restrictions apply. Applicants need to be current on mortgage and property taxes. The maximum loan amount is $7,500. The loan is 0% interest and there are no monthly payments. The loan is due in total on sale of the property or transfer of title.
2. Home Improvement Loans
- Loan amounts from $2,000 – $15,000.
- 3.5% (3.514 APR*) or 4.5% (4.514 APR*) fixed interest rate, depending on income.
- No maximum income limit.
- Terms up to 10 years.
- This loan is secured by a mortgage on the property.
- Closing costs apply.
- 1-4 unit owner-occupied residential structures located in Keewaydin, Minnehaha, Morris Park, or Wenonah neighborhoods.
- Individual condominium, cooperative, and/or townhouse units are eligible.
- Properties under construction or held in trust are not eligible.
Types of Improvements
- Eligible projects include most interior and exterior permanent improvements.
- 2 bids are required from qualified, licensed contractors for projects over $5,000.
- For do-it-yourself projects, a materials list including prices is required. The cost for labor and equipment purchase or rental may not be included in the loan.
- Funds are held in a non-interest bearing escrow account at CEE from loan closing until the work is completed and all final documentation is received.
*APR is based on $15,000 for 10 years. These guidelines are subject to change at any time without notice. Loan funds are subject to availability.
More Information and How to Apply
For more information or to request an application, call the Center for Energy and Environment at (612) 335-5884, or visit the CEE website.