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.
Home Improvement Loans
Owners of one to four unit residences can apply for up to $15,000 to make improvements to their properties. Owner-occupants and investors may apply. Interest rate is either 3.5% or 4.5% depending on income. No income restriction applies.
Emergency Repair Loans
A limited amount of funds are available for emergency repairs. Only owner-occupied households are eligible. Income restrictions apply. 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.
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.
In July, NENA suspended its very popular home loan programs. Our nonprofit loan provider abruptly ended its service and NENA worked with the City of Minneapolis to find alternative lending partners. In August, the NENA Board of Directors unanimously approved switching to the Center for Energy and Environment to administer our home loan programs. The relaunch is scheduled for September-October. Check back for more information about the loan program and how to apply!
In June, NENA received notice that our lending partner and local nonprofit, Greater Metropolitan Housing Corporation (GMHC), will be closing its Housing Resource Center on July 31, 2017. GMHC has enabled neighborhood organizations like NENA to offer low-interest loans by serving as the program administrator and loan officer for many years.
On July 10, 2017, GMHC sent a second communication stating it is no longer possible for it to process new loan applications and the program has ended effective immediately. As a result, NENA will no longer be able to offer the Home Improvement and Emergency Repair Loans at this time.
We are currently reviewing alternative lending partners for this popular loan program. As always, we will communicate updates and reinstatement notices on the NENA website and through NENA News.
If you have any questions about a current loan, please contact the GMHC Housing Resource Center at (612) 588-3033.