Funds Available for Homeowners and Property Rental Owners Affected by June Flooding
Minnesota Housing loan programs offer up to $70,000 in assistance
Residents affected by June flooding in Dodge, Freeborn, Rice and Steele counties and Prairie Island Indian Community may be eligible for state loans up to $70,000 through Minnesota Housing. Funds are for capital improvements that return the home to pre-disaster or comparable condition.
There are two loan programs available:
- Community Fix Up flood loans can provide up to $50,000 in repair funding for residents with qualifying credit. The interest rate for these loans has been reduced to 3.00%.
- For residents who do not qualify for a Community Fix Up loan, or those who have flood repair needs beyond what is covered by the Community Fix Up loan, the Quick Start Disaster Recovery Program can provide additional assistance up to $20,000. Quick Start loans are interest free and forgiven if the owner remains in the home for 10 years. Funding for rental housing properties is also available under similar terms and conditions.
“These programs are critical resources for people who experienced this year’s flood damage,” said Mary Tingerthal, Minnesota Housing Commissioner. “I encourage property owners in affected areas to contact our lender partners to learn more.”
To be eligible for loans, residents in the declared counties and tribal areas must first contact their insurance company. Only damages that are not covered by insurance can qualify.
The application deadline for both loan programs is October 24, 2014. Eligible residents should contact the local administrator, Semcac, to learn more and apply:
Vonda Budde, Housing Coordinator at Semcac
204 South Elm Street | P.O. Box 549
Rushford, MN 55971
507.864.8241 | firstname.lastname@example.org
Counties served: Dodge, Freeborn, Steele and Rice