Rental Rehabilitation Programs
RENTAL REHAB PROGRAMS
Fergus Falls Rental Rehab Program
Loan funds are available at 3% interest to rehabilitate 1-5 unit rental properties in the City of Fergus Falls. Loan Limits are $15,000 for single-family units and $10,000 per unit for 2-5 unit dwellings. Loan terms are simple interest with monthly payments beginning at completion of rehab and maximum term of 10 years.
Property owners agree with three compliance areas for the duration of the loan. Rent to tenants who have low incomes (below 80% of local median income). Keep rents at or below Section 8 rent limits. Promote fair housing in all advertising and leasing.
Owner Occupied Rehabilitation Programs
MHFA Rehab Loan
Deferred Loans of $1,000 to $37,500 for Home Improvements.
The Rehabilitation Loan program assists low income homeowners in financing basic home improvements that directly affect the safety, habitability, energy efficiency or accessibility of their homes.
Maximum loan term is 15 years for properties taxed as real property.
Can be used for rehabilitation of single-family homes. Must be your principal place of residence.
All loans are forgiven if the borrower does not sell, transfer title, or cease to occupy the property during the loan term.
Program has a waiting list. For more information/qualifications, please contact our office.
MHFA Emergency and Accessibility Loan
Deferred loans of $1,000 to $15,000. Loan is forgiven if owner does not sell, transfer title or cease to occupy the property during the loan term. Maximum loan term is 15 years for properties taxed as real property.
