Semcac offers several programs to assist homeowners and rental property owners to fix up their home or property. These are just a few of the options available to you. To determine which program would be best for you and which programs you qualify for call us at (507) 864-7741 and we will gladly lead you through the process.

For Home Owners:

Fix-Up Fund Loan Program

This Minnesota Housing Finance Agency loan program is for the rehabilitation or renovation of an owner occupied home. Households can borrow up to the maximum of $35,000, at a below market interest rate. The maximum household income limit for this program is $93,000.

For more information call or e-mail Vonda Budde, (507) 864-7741. For a downloadable brochure, Click Here.

Rehab Loan Program

The Minnesota Housing Finance Agency housing rehabilitation loan program helps low-income homeowners make their homes more livable, accessible, and energy efficient. Eligible improvements include plumbing, electrical wiring, roofing, heating, accessibility improvements, and remedy of any defect preventing the structure from meeting code requirements. This loan places a 30 year mortgage on the property and is repaid at the end of 30 years or when the property is sold or is no longer the owner's principal place of residence.

For more information call or e-mail Cindy Vitse, (507) 864-7741. For more loan information, Click Here.

For Rental Property Owners:

HOME Rental Rehabilitation

This Minnesota Housing Finance Agency program provides rental property owners with rehabilitation funds for eligible units. There are two different financing terms through this program:

The Deferred Loan is for eligible developments that need $100,000 or more in HOME funds. These loans are a zero percent deferred loan that will be coterminous with the existing first mortgage. Larger developments may obtain 100 percent financing for eligible costs as long as the development doesn't receive more than $14,000 per unit in HOME financing. Semcac will monitor the occupancy, rent and physical standards of these properties for MHFA for a five-year period. Repayment is required upon the sale of the property, maturity of the loan, or failure to meet standards for occupancy, rent and physical condition.

The Forgivable Loan is for developments that need $100,000 or less. These developments will receive a deferred recourse loan at zero percent completely forgivable after a five-year compliance period. Borrowers must provide a minimum of 25 percent of HOME eligible costs. Maximum loan limit is $14,000 per eligible unit. If a borrower wants to make a draw on the funds, an additional 10 percent of the total development cost has to be placed in an escrow account.

For more information call or e-mail Cindy Vitse, (507) 864-7741. For a downloadable brochure, Click Here.

Rental Rehabilitation Loan Program

The Rental Rehabilitation Loan Program was established by the Minnesota Housing Finance Agency (MHFA) to assist owners of the smaller rental properties in financing improvements to their investment properties.

An owner may receive up to $25,000 for a one or two unit property, or $10,000 per unit for larger properties, with a maximum loan amount of $100,000. The interest rate is 6%, and the term of the loan may be up to 15 years.

For more information call or e-mail Cindy Vitse, (507) 864-7741. For a downloadable brochure, manual, instructions, contracts and forms, Click Here.