Since 1995 the Bancroft Neighborhood Association (BNA) has used $145,000 of Bancroft’s Neighborhood Revitalization Program (NRP) dollars to provide low-interest home improvement loans to Bancroft homeowners through TCF National Bank. In 2016, after 20 years, the program has come to an end. A total of $1.4 million was loaned out to over 160 households in the Bancroft neighborhood. The BNA board is currently looking to put together a new loan program that could be available at the start of 2017.

GMHC REVOLVING HOME IMPROVEMENT LOAN PROGRAM

The intent of the Revolving Home Improvement Loan Program is to provide a loan opportunity to Bancroft residents who do not meet the qualifications of other loan programs.   Loans may be between $1,000 and $5,000, at a 3% fixed interest rate. The loan term is generally one year per $1,000 borrowed. The maximum term will be five (5) years. Applicants must have the ability to repay the loan.  There is no loan-to-value limit for revolving loan recipients. Eligible borrower’s gross household annual income must be at or below 150% of the Area Median Income (AMI).

 

GMHC LOW INCOME DEFFERED LOAN PROGRAM

The intent of the Low Income Deferred Loan Program is to provide a deferred loan opportunity to qualifying Bancroft residents who do not meet the qualifications for the BNA’s other home improvement loan programs.   Loans may be between $1,000 and $5,000, with 0% interest.  A recipient may participate in the low income deferred loan program one time.   One-third (1/3) of the original loan amount will be forgiven every 2 years. The full loan amount will be forgiven after 6 years.  The entire un-forgiven principal balance of the loan shall be immediately due and payable upon sale, assignment, conveyance, transfer, lease or termination of the property as the Borrower’s principal place of residence. Eligible borrower’s gross household, annual income must be at or below 80% of the Area Median Income (AMI).

 

SECURITY REBATE PROGRAM

BNA offers a Security Rebate Program to homeowners located within the Bancroft neighborhood. As an incentive for basic security enhancements to homes in the Bancroft neighborhood, the Bancroft Neighborhood Association (BNA) will provide a rebate up to $50 for eligible safety-related improvements. See our program information sheet to apply.

 

Applications for the GHMC loan programs are available online at the GMHC offices.

Call the BNA at 612-724-5313 with questions.  If you have questions for GMHC, call 612-722-7141.

To verify a contractor’s state license, call 651-284-5034.

To discuss problems or complaints regarding a state licensed contractor, call 651-296-2488.

To verify a city license contact City Licensing through 3-1-1.

2 Responses to “Home Improvement”

  1. Matt Tennant 09. Dec, 2010 at 2:26 pm #

    I’m very interested in your home improvement loan and I’m wondering how many years recipients have to pay off the loan?

    • Jessica 03. Jan, 2011 at 9:03 pm #

      Thanks for your interest, Matt. Typically, home owners have 1 year for every $1,000 borrowed, up to 12 years. Please feel free to get in touch with any other questions.