Home improvement loans

Do something constructive

The Bloomington Housing and Redevelopment Authority (HRA) is now accepting applications for its Home Improvement Deferred Payment Loan Program.

Applications will be accepted until 4:30 p.m. on March 27, 2010.

For an application, call 952-563-8937 or download the loan application at the bottom of this page.

Loans of up to $35,000 are available to Bloomington homeowners. There are no monthly payments. Repayment occurs when the home is sold, refinanced, transferred or conveyed. Interest is charged at a simple 5 percent per year for the first 10 years.

All homes built before 1978 will be required to have a Lead Risk Assessment. All lead-contaminated surfaces must be addressed as part of the Home Improvement Loan Project.

These loans are offered in an effort to help maintain the condition of housing and neighborhoods in the city. Applications will be ranked and processed according to need. Depending on your ranking, it may take up to 10 months before your application is processed.

Eligible repairs
Ineligible repairs
Application guidelines
Deadline

Eligible repairs

Replacement of roofs, electrical, heating and plumbing systems
Gutters, windows, doors, insulation, siding, soffits and fascia
Exterior painting
Foundation, sidewalk and step repairs

Ineligible repairs

Decorating
Additions
Finishing of basements
Remodeling
Construction of garages
Reimbursement for previously started or completed repairs

Application guidelines

To apply for a Home Improvement Deferred Loan in 2010, you must have sufficient equity in your home to cover the loan amount. Income guidelines apply (see below).

Income limits for 2010 program (subject to change)

Household size*	Gross income
1	$44,800
2	$51,200
3	$57,600
4	$64,000
5	$69,100
6	$74,250
7	$79,350
8	$84,500
* All residents of house, related and unrelated, including renters.

Deadline

The application period will open on January 4, 2010, and close on March 27, 2010.

You may call 952-563-8937 to have an application mailed to you, or you may download an electronic application using these links:

Loan application cover letter (115KB PDF)
Loan application (140KB, 3-page PDF)

All applications must be received in the HRA office at Bloomington Civic Plaza, 1800 West Old Shakopee Road office by 4:30 p.m. on March 27, 2010.

For more information, contact:

Housing and Redevelopment Authority
PH: 952-563-8937, TTY: 952-563-8740, FAX: 952-563-4977
E-mail:hra@ci.bloomington.mn.us