Assistance will not exceed $5,000 per unit with a maximum of $20,000 per complex. Borrowers (landlord/property owner) must supply at least a 1:1 match with borrowed, gifted or personal funds.
- Loans carry 0% interest.
- Loans for rehabilitation will be repayable in equal monthly installments over a period of five years.
- Loans will be due and payable in full when the borrower refinances, sells the home, or the property is no longer a residential rental property.
- Loans made under the Rental Rehab Program are not assumable.
Properties eligible for Rental Rehab funding must be located in Renville County, be the applicant’s rental income property and be used exclusively for residential rental purposes.
- Property must be renter occupied for the life of the loan.
- Properties may not be under a contract for deed.
- Mobile homes shall not be eligible for Rental Rehab funds.
- No funds will be disbursed for the rehabilitation of a property on which property taxes are delinquent and unpaid.
- No funds will be disbursed for the rehabilitation of a property which is in default of a mortgage, contract for deed or comparable obligation or if the owner is currently engaged in bankruptcy proceedings.
Improvements must be physically attached to the property and must be permanent in nature. The following types of improvements are eligible:
- Improvements to and replacement of roofs, floors, exterior walls, interior walls, stairs, sidewalks, foundations, windows, doors and other basic housing features.
- Functional improvements to and the replacement of electrical systems, plumbing and plumbing fixtures, heating units, individual sewage treatment systems, etc.
- Improvements that address energy consumption and security.
- Structural additions.
The following improvements and costs are ineligible:
- Fireplaces or wood stoves.
- Decks, patios, or landscaping beyond that required in connection with foundation or basement work.
- Appliances or other improvements not permanently installed or attached to the structure.
- Improvements that are done prior to the approval of the loan from the Rental Rehab Program.
- Refinancing of existing indebtedness.
- Payment for labor of borrower.
Applicants shall complete the Rental Rehab Program Application and submit it, along with other required documentation, to the office of the Renville County HRA/EDA at 200 South Mill Street, PO Box 481, Redwood Falls, MN 56283. For more information contact the HRA/EDA at 507-637-4004 or email@example.com.