Home Improvement Grants Alternative | Forgiveness Loans | Ramsey County, MN
BIG Savings Ahead!
Put an end to drafty houses and big energy bills with the Energy Conservation Deferred Loan.
Receive up to $6,500 in forgivable financing for the energy improvements you need today, including new furnaces, boilers, and insulation. Make NO payments, pay NO interest, and owe nothing when you own your home for ten years.
Available to qualifying residents of Ramsey County (outside the city of Saint Paul).
This loan is repaid only upon the sale of your home. If you sell within
- 1-5 years, the entire principal is repaid
- 6-9 years, the amount owed drops 20% per year
- On its 10th anniversary, the loan is forgiven!
Maximum upper income limits apply:
|
Household Size |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
|
Maximum Household Income |
$48,560 |
$55,440 |
$62,400 |
$69,280 |
$74,880 |
$80,440 |
$85,920 |
$91,520 |
Program Details:
- Up to $6,500 is available for select energy conservation upgrades.
- Eligible upgrades will be identified during an in-home energy audit.
- No loan payments are made by the borrower unless the house is sold within 10 years of the loan date.
- The borrower will have no out-of-pocket expenses.
- Qualifying homes were built before 1995.
- Borrower may have no tax arrears or student loan defaults and must be current on their mortgage loan.
- Borrower may have a maximum of $50,000 in assets - excluding home, automobiles, and retirement funds.
- The market value of borrower's home cannot exceed $251,750.
There are no applications for this loan available online.
Please contact LeAnne at (651) 221-4462 ext. 132 to learn if you qualify and to apply for this loan.
