Lakes & Pines Community Action Council, Inc., has been awarded $700,000 in grant funds from the Minnesota Housing Finance Agency to administer a Rental Rehabilitation Deferred Loan Pilot Program. These grant funds are to be used to rehabilitate approximately 22 rental properties within the city limits of: Aitkin, Cloquet, Carlton, Hinckley, Pine City, North Branch, Chisago City, Center City, Lindstrom, Cambridge, Isanti, Braham, Princeton, Milaca, Onamia and Mora.
Rental rehabilitation: Grant funds will be loaned, at zero interest, to rental property owners for a loan term of 10 to 15 years. At that time, if the property is still owned by the original borrower and affordable rents are charged to persons who meet income requirements, 25 percent of the loan will be forgiven during the term loan. The remaining principal balance is due at the end of the loan term. The grant must be at least $25,000 used for improvements that make the rental property more livable, energy efficient, safe and accessible for occupants. To qualify, tenants need to be low to moderate income, the building must be 8 units or less or single family or duplex, meet program requirements and rents must meet county affordability limits.
Applications can be found at www.lakesandpines.org or by contacting the Energy-Housing Department at Lakes & Pines CAC, Inc. at 800-832-6082 or 320-679-1800, by email at [email protected], or by mail at 1700 Maple Avenue East, Mora, MN 55051.