Loan and Grant Programs

The Bancroft Neighborhood Association currently offers a low-interest home improvement loan program for neighborhood residents. Any resident may apply for a loan from TCF Bank at a 3% fixed interest rate for homesteaded property and at a 6% fixed rate for non-homesteaded property. These loans are for permanent, non-luxury improvements made to the interior or exterior of their home. Projects are subject to approval by the BNA, and TCF will approve or deny the loan based on the resident's credit history, income and other factors. Participants must also agree to return a project completion certificate to the BNA office.

The maximum amount of outstanding loans to one household is $15,000, and maximum loan term is twelve years. For more information on applying for a low-interest loan, contact the BNA office at dsanders@bancroftneighborhood.org.