Lyndale Neighborhood Association

LNA Housing Programs

Single Family Loan Program

The Lyndale Neighborhood Association (LNA) is providing loans for single-family residential properties in the Lyndale Neighborhood to help homeowners improve and stabilize Lyndale’s existing housing stock.  These loans are a great cost effective way to improve your home. If you have any questions or are looking for assistance on a project, contact Norma at 612-824-9402 ext 15 or norma@lyndale.org.

Services and Benefits

• No income restrictions for borrowers.
• Minimum loan of $3,000.
• Maximum loan of $20,000.
• One loan per site within 3 years, unless certain requirements are met.
• Maximum loan term 10 years.
• No improvements may begin prior to loan closing.

Eligibility

• Properties must be in the Lyndale neighborhood and be an owner-occupied single-family home.
• Condominium, townhouse, or cooperative individual owned units are also eligible to participate in this program for improvements to the portions of the property they own individually. 
• Associations are not eligible under this program, but are eligible under LNA’s Multi-Family Loan Program.
• Applicant(s) must have an acceptable credit history and be current on mortgage/CD and real estate property tax payments.

Interest Rates

The interest rate for this program is 4 percent.

Single Family Loan Information Sheet

Multi-Family Loan Program

The Lyndale Neighborhood Association (LNA) is providing loans to help Lyndale Rental Property Owners invest in their properties to improve the condition of Lyndale’s rental housing stock for the next generation.  These loans are an easy and cost effective way to invest in your multi-family housing.  For more information please contact Norma at 612-824-9402 ext 15 or norma@lyndale.org.

Services and Benefits

• No income restrictions for borrowers.
• Minimum loan of $3,000.
• Maximum Loan of 1-3 units: $15,000 and 4+ units: $30,000.

• One loan per site within 3 years unless certain requirements are met.
• Maximum loan term 10 years.
• No improvements may begin prior to loan closing.

Eligibility

• Properties eligible for a loan must be in the Lyndale neighborhood.
• Rental license must be in good standing.
• Properties may be owner-occupied or absentee owned.
• Condominium and townhouse associations are eligible to participate in this program for the portions commonly owned.
• Applicant(s) must have an acceptable credit history and be current on mortgage/CD and real estate property tax payments.

Interest Rates

Interest rates for these loans are 4 percent.

Multi-Family Loan Program Information Sheet

Affordable Housing Loan Program

Provides loans to support affordable rental and home ownership opportunities in Lyndale.  The minimum loan is $3,000, with a maximum of $15,000 for buildings with one to three units and a maximum of $30,000 for units with four or more units.

Interest Rates

Interest rates for the Affordable Housing Program are based on the affordability of the units.

A two (2) percent interest rate is available if a majority of units meet 50 percent MMI (Metropolitan Median Income) or below. This will be established by a quarterly report showing proof of rents paid for each unit.

A four (4) percent interest rate is available if a majority of units meet 80 percent MMI (Metropolitan Median Income) and projects are related to energy efficiency improvements that help lower on-going energy costs. To be considered an eligible energy efficiency-related improvement the property must have had an energy audit within the previous three years and the improvements must be part of the energy audit’s recommendations.

Loans can be used to correct outstanding code violations, improve energy efficiency, and general improvements.

Metropolitan Median Income (MMI) levels are based on the size of the families.

MMI Info is current as of November 2009

Affordable Housing Loan Program Info Sheet

Home Improvement Loan Application

CEE Housing Programs

The following housing programs are available from CEE.  To find out more information check out www.mncee.org or contact Jim Hasnik at jhasnik@mncee.org / 612.335.5885

MinnesotaFix-Up Fund

The Minnesota Fix-Up Fund is a statewide program that offers loans at below market interest rates to homeowners.  The fix-up fund was established to improve the basic livability and/or energy efficiency of the borrower’s home.  Eligible projects include interior or exterior improvements, general remodeling or maintenance items.

Home Energy Loan Program

The Home Energy Loan Program is a statewide program that offers low interest loans to homeowners who want to make energy improvements to their properties.

Rental Energy Loan Fund

The Rental Rehabilitation Loan offers owners of residential rental properties low interest financing to complete improvements that increase the livability of the property including interior or exterior projects, general remodeling, or maintenance issues.

MHFA Rental Rehabilitation Program

The Rental Rehabilitation Loan Offers owners of residential rental properties low interest financing to complete improvements that increase the livability of the property including interior or exterior projects, general remodeling, or maintenance issues.