|Historic Preservation Loan Program (CARAG neighborhood)|
Description: This program is aimed at restoring and preserving homes in the CARAG neighborhood built before 1930. A 0% deferred loan, forgiven after 5 years is offered for this program, which is open to both owner-occupied and absentee owners to improve their homes' exteriors. The funding is divided into 2 loan "pools." The first loan pool has a maximum loan amount of $25,000 Qualified applicants who are above 100% of the area median income for Minneapolis are required to match NRP funds dollar-for-dollar. The second loan pool has a maximum loan amount of $10,000. Qualified applicants at or below 50% of the area median income are not required to provide a match. Workshops will be held prior to application deadline, providing potential applicants an opportunity to meet home restoration experts and architects to discuss ideas for the program.
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