Summary of NRP Housing Fund Proposals
NRP Phase 2 Early Access Proposal Form | Phase 2 Call for Proposals
Project Proposal Form | Preparation and Processing of Neighborhood Action Plans [PDF]
NRP Phase 2 Participation Agreement | NRP Phase 2 Steering Committee | Phase 2 Action Plan
NRP Phase 2 Housing | PPERRIA NRP Phase 2 | PPERRIA NRP Phase 1
This summary is to provide a simple overview only. For details about these funds, the Minneapolis Neighborhood Revitalization Program should be consulted
(612-673-5138 or www.nrp.org).
Fund 1
NPR/MHFA Home Improvement Program for 1-4 nit Owner occupied structure
Purpose: To use NRP funds in combination with MHFA loan progras to help property owners improve existing structures.
Interest rates. MHFA rates 5.8 – 8%, NPR loans at ? MFHA rate
Income Limit: Household income must not exceed 80% of the Metropolitan Median Income (MMI).
Loan Term: Maximum for NRP loans is 10 years
Loan Amount: $15,000.maximum
Fund 2
Rental Property Improvement Loan Fund
Purpose: To use NRP funds to help rental property owners rehabilitate and improve permanent rental housing that is affordable to, and occupied by, low income persons and households.
Eligible Applicants: Persons, corporations, partnerships, non-profits and community development corporations are eligible.
Eligible Properties: Owner occupied multi-family structures with more than 4 units and corporate, non-profit, partnership, and absentee owned multifamily properties are eligible.
Interest rate: 3% below prime.
Term: 15 years maximum
Loan Amount: Minimum $1,000, per unit; maximum $8,000 per unit.
Fund 3
Emergency Loan Fund
Purpose: To provide financial assistance to homeowners that ate in difficult financial circumstances and have either a hazardous or serious home repair situation that will cause further damage to the home or adversely affect the health and safety of the homeowner if not immediately addressed.
Program Design: Last resort for emergencies only
Interest rate: 0% deferred loan.
Income Limit: Household income must not exceed 80% of MMI
Loan Term: 20 years maximum
Loan Amount: Minimum %500; maximum $10,000.
Eligible Properties. Owner occupied structures with 1-4 dwelling units
Fund 4
Purchase and Major Rehab Loan Fund
Purpose: To use NRP funds to provide significant affordability gap and rehabilitation funding for low income families that want to become owner occupants and purchase homes in need of significant rehabilitation and renovation.
Interest rate: 1/3 of most recently available 30-year fixed rate mortgage.
Income Limit: Household income must not exceed 80% of MMI
Loan Term: 30 years maximum
Loan Amount: Minimum $5,000; maximum $40,000.
Eligible Properties: Property must be owner occupied with 1-4 units.
Fund 5
First Time Homebuyer Assistance Fund
Purpose: To use NRP funds to help first time homebuyers. Applicants must successfully complete a pre-purchase homeowner counseling course prior to loan closing.
Interest Rate: 1/3 of most recently available 30-year fixed rate mortgage.
Income Limit: Household income must not exceed 80% of MMI
Loan Amount. Minimum $1,000; maximum $30,000.
Eligible Properties: Owner occupied one- or two- family residence or condominium, coop or townhouse unit.
Fund 6
Purchase and Rehab Perpetual Affordability Fund Community Land Trust Homebuyer Initiated Program
Purpose: To use NRP funds to provide significant affordability gap and limited rehabilitation funding to low income families and individuals that want to become owner occupants and purchase homes in Minneapolis.
Interest rate: Market rate
Income limit: Household income must not exceed 80% of MMI
Loan Amount: Minimum $25,000; maximum $50,000.
Loan Term: 30 years
Eligible properties: Owner occupied single family structure.
Fund 7
Affordable Housing Investment Fund
Purpose: To assist the Affordable Housing Trust Fund (AHTF) with the development and construction of new long-term (at least 15 years) affordable rental housing units for low-income families and individuals, including the elderly and persons with special needs.
Income Limit: Household income must not exceed 80% of MMI
Loan Term: Loan is structured as a grant to AHTF
Loan Amount: Determined by amount committed to the fund by a neighborhood.
Fund 8
Lot Acquisition and Redevelopment Fund
Purpose: To acquire and redevelop vacant, underutilized and blighted properties that will help the neighborhood achieve their improvement goals.
Program Design: A planning and redevelopment mechanism designed to address redevelopment needs within neighborhoods. It brings together CPED, NRP and neighborhoods to address the development of an individual property or assembling more than one property for smaller, neighborhood-based redevelopment projects.