Embarking on a home remodeling project in St. Louis Park, Minnesota, can be an exciting endeavor. However, financing such projects can sometimes be a challenge. Fortunately, St. Louis Park offers a range of incentives, loans, and resources to assist homeowners in achieving their remodeling goals. In this blog post, we will explore some of the financing options available in St. Louis Park, helping you turn your remodeling dreams into reality.
Move Up in the Park Deferred Loan Program:
The City of St. Louis Park provides the “Move Up in the Park” deferred loan program for residents looking to expand their homes’ square footage through additions. This program aims to support homeowners who wish to stay in St. Louis Park while creating more living space. The loan covers up to 25% of the project costs, with a maximum loan amount of $35,000 and 0% interest. Income limits apply, and no payments are required until the home is sold. The loan is forgiven if the borrower remains in the home for 30 years. Please note that remodeling an existing basement or attic does not qualify under this program; the addition must physically expand the home’s living space.
Deferred Loan Program by Hennepin County:
Hennepin County offers a deferred loan program that assists homeowners in addressing basic safety, maintenance, health concerns, and home improvements. These loans are interest-free and can amount to up to $30,000. The loan repayment is deferred until the home is sold or is forgiven after 15 years. Income limits based on household size apply (e.g., one person $62,600, two persons $71,550). To learn more about this program and other county programs addressing home health hazards or accessibility ramps, visit Hennepin County or call 612.543.4182.
These financing options allow St. Louis Park homeowners to finance their remodeling projects with great terms and benefits. By taking advantage of these programs, you can transform your home while minimizing the financial burden. Additionally, these programs contribute to the growth and development of the St. Louis Park community, ensuring that residents have access to affordable and safe housing.
Remember to review each loan program’s specific requirements, income limits, and eligibility criteria. Consult with the respective organizations mentioned to gather all the necessary information and ensure that you meet the qualifications for the financing options.
Financing your remodel in St. Louis Park, Minnesota, is made easier with the incentives, loans, and resources available to homeowners. The Move Up in the Park deferred loan program offered by the City of St. Louis Park and the deferred loan program provided by Hennepin County present attractive financing options with favorable terms and benefits. By taking advantage of these programs, you can turn your remodeling aspirations into reality while staying within your budget. Explore these opportunities and contact the respective organizations for more information. As a homeowner in St. Louis Park, you have access to resources that can help you transform your home and contribute to the development of the community.
For more information, visit:
https://www.mncee.org/home-improvement
https://www.stlouisparkmn.gov/government/departments-divisions/housing/home-remodeling
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