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Greater Frogtown Community Development Corporation Loan Programs |
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Description: Greater Frogtown CDC operates several different loan programs to assist residents with home repairs and improvements in the assists our residents with housing and home improvement services. - Frogtown Facelift loan program: A loan and grant program where you can receive up to $30,000 for repairs. 1/3 of the funds are forgiven over five years, 1/3 are due on sale, and 1/3 is to be repaid at 5%. Monthly payments are about $92. To qualify, you must own and live in a single-family home and your income must fall within the following ranges:
Size of household
| Income Limit
| | 1 person | $41,700 | | 2 person | $47,700 | | 3 person | $53,650 | | 4 person | $64,350 | - Neighborhood Housing Rehabilitation Loan Program (NHRP): The program is designed to provide funds to homes with exterior needs in targeted areas, or homes with existing code orders from the City of St. Paul. The maximum loan amount is $50,000 that is deferred over thirty years or due on sale. The homes must be single-family and owner-occupied and located between Grotto and Kent to the west and east and Minnehaha to Thomas, from the north and south. Income limits are as follows:
Size of household
| Income Limit
| | 1 person | $41,700 | | 2 person | $47,700 | | 3 person | $53,650 | | 4 person | $64,350 |
- Minnesota Housing Deferred Loan program: Deferred loan of up to $15,000 to make repairs. The loan has no monthly payments and 0% interest. It is paid back at sale or forgiven after 20 years—whichever happens first. To qualify, homes must be owner-occupied, single-family units. Assets must not be greater than $25,000 (home not included) and income limits are as follows: Size of household MHFA Limit
Size of household
| Income Limit
| | 1 person | $16,150 | | 2 person | $18,850 | | 3 person | $21,200 | | 4 person | $23,550 | - Rental Rehab Incentive Program: Owner-occupied rental properties of 6-units or less are eligible for rehab funds where 1/3 are available at 5.25%; 1/3 will be forgiven in 5 years, and 1/3 will be due upon sale. If the property is not owner-occupied, then owner provides ¼ of the funds for the project, GFCDC matches the ¼ contribution with up to $10,000 in forgivable funds, and the remaining ½ will be a loan with a 5.25% interest rate.
- Lead Window Replacement (Frogtown): The lead window replacement program is open to single family homes with small children under the age of 7. The home must be tested for lead hazards. The county will pay for 2/3 of the cost, and GFCDC may be able to provide a grant/loan for the remaining portion of the cost.
For more information, contact:
Patty Lammers
Greater Frogtown CDC
533 North Dale Street
Saint Paul, Minnesota 55103
Phone: 651-789-7485
Email:
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Web: http://www.greaterfrogtowncdc.org/
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