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Community Development Divisions: Related links: |
Foreclosed Home Improvement Program (FHIP)Funds available for improvements to foreclosed homes Up to $20,000 is available for Bloomington residents purchasing and improving foreclosed homes. If you are purchasing or have purchased a foreclosed home within the last 12 months, you may be eligible for up to $20,000 in loan funds to make improvements. One half of the amount borrowed will not have to be repaid if the owner lives in the home for 5 years. The remaining half will consist of a 5% deferred loan that does not have to be repaid until the owner sells, transfers title or no longer lives in the home. To be eligible for FHIP funds, properties must be located within the designated area of Bloomington, see map below. The area is bordered by American Boulevard on the north, E. Old Shakopee Road on the south, Old Cedar Avenue on the east and I-35W on the west. All FHIP applicants must be purchasing or have purchased a foreclosed home within the designated area within the last 12 months. Click on the links below to view the brochure and download an application.
For more information, contact:
Brian Duerwachter
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