Remodeling Loans

updated: Tuesday, March 20, 2012

A number of low interest loans are available for home remodeling and rehabilitation thanks to the City of St. Louis Park's partnership with state agencies and local lenders. For more information about any of the programs listed here, call the Community Development office at (952) 924-2196 or e-mail klarsen@stlouispark.org.   Interest rates and income limits are subject to change. 

Community Fix-up Fund Loans
These loans can be used for most home improvement projects such as roof replacement, new windows, kitchen or bath remodeling, and garages.  For more information, contact CEE Financial Resources at (612)335-5891 ( www.mncee.org)  or e-mail byaritz@mncee.org

  • Loans up to $35,000
  • 5 percent interest
  • Household income cannot exceed $96,500

OR

  • 4 percent interest
  • Household income cannot exceed $67,200

Move Up in the Park Loan

This loan is designed to help residents desiring a larger home, to stay in the Park. If you are planning on adding additional new living space to your home.  This loan:

  • Covers up to 25% of construction cost with a maximum loan of $25,000
  • 0% interest and 3% admin. fee
  • Household income approx. 100,680 or less (family of 4).
  • No payment until sale of home & after 30 years the loan is forgiven
  • Contact CEE at (612)335-5891.

Home Energy Loans
These loans are for home improvements that increase energy efficiency (adding insulation, replacing windows or furnaces, etc.) For more information contact CEE Financial Resources at (612) 335-5891 (www.mncee.org) or e-mail byaritz@mncee.org

  • Loans up to $10,000
  • 6.875 percent interest
  • No income limit
  • Maximum 5 year repayment term

Home Rehab Loans for Low-income Residents

Emergency Repair Grant
These grants pay for emergency repairs (furnace replacement, roof repair, etc.) This grant program is administered for the City of St. Louis Park by Community Action for Suburban Hennepin (CASH). Call (952) 697-1310 for more information.

  • Grants up to $4,000
  • 0 percent interest/no repayment required
  • Grants are for low income households; eligibility is determined by family size and household income. Household income is approximately $29,350 annually.

St. Louis Park Deferred Loans
These loans are available to help low-income families bring their homes into compliance with minimum housing standards. An additional $5,000 is available to correct hazardous situations (lead or asbestos) or make accessibility improvements for physically disabled residents. Repayment is not required if the homeowner remains in the home for 15 years; otherwise, repayment is due when the home is sold. This loan program is administered by Hennepin County; call (952) 924-2196 for more information.

  • Loans of up to $20,000
  • 0 percent interest
  • Loans are for low income families; eligibility is determined by family size and household income. Example: Annual income for a household of two is $35,550 or less.
  • Applicants' assets may not exceed $25,000.