|Deferred Loan Program (Holland neighborhood)|
Description: A deferred loan for a maximum of $5,000 is available to owner-occupied houses with 4 or less units. Interior improvements to townhouses and condominiums are also eligible. The deferred loans are available by lottery only. The loan is forgiven after 15 years if the owner does not sell the property. If the owner sells the property before fifteen years, the owner pays back the loan. Loan borrowers must have an income less than 60% of the area median income for the City of Minneapolis to participate. Eligible improvements include, among others, doors, windows, retaining walls and garages.
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