Informational meeting June 15 on Rental Rehabilitation Deferred Loan Pilot Program
Lakes & Pines Community Action Council, Inc., has been awarded $700,000 in grant funds from the Minnesota Housing Finance Agency (MHFA) to administer a Rental Rehabilitation Deferred Loan (RRDL) 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.
An informational meeting will be held at the Lakes & Pines office in Mora on June 15 at 10 a.m., followed by a lunch, to fully explain the program, answer questions and provide applications. Applications will be available upon request after that date.
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 eight units or less or single family or duplex, meet program requirements and rents must meet county affordability limits.
To RSVP for the meeting, contact the Energy-Housing Department at Lakes & Pines CAC, Inc. at 800-832-6082 or 320-679-1800, by email at firstname.lastname@example.org, by mail at 1700 Maple Avenue East, Mora, MN 55051.