/windom: low-interest loan

 

 

The Windom Community Council has made NRP funds available to property owners of the Windom neighborhood to make improvements to their properties.

 

Loan Terms
  • Loan amounts from $2,000 - $10,000

  • 4% fixed interest rate

  • No maximum income limit

  • Terms up to 10 years

  • This loan is secured by a mortgage to the property

  • Closing costs apply

     

     

Property Eligibility
  • Owner-occupied

  • 1-4 unit residential structures located in the Windom neighborhood

  • Properties held in Trust or under construction are not eligible
     

Types of Improvements
  • Eligible improvements include: most permanent exterior improvements, energy efficiency upgrades and code violation corrections

  • 2 bids are required from qualified, licensed contractors if the project is over $5,000

  • For do-it-yourself projects, a materials list including prices is required. The cost for labor and equipment purchase or rental may not be included in the loan. 

  • Funds are held in a non-interest bearing escrow account at CEE from loan closing until the work is completed and all final documentation is received. 

 

The current loan terms and conditions stated, including interest rates, do not constitute a commitment to lend or an offer to enter into an agreement, and that such an offer may only be made pursuant to Minnesota Statutes, Section 47.206(3) and (4).

 

Apply online

 

*APR based on $10,000 for 10 years at 4%.

©2016 Windom Community

Our Vision: The Windom Community seeks to be recognized, locally and beyond, as an attractive, supportive and involved neighborhood that takes pride in its cultural diversity and rich history. We are a community of people who strive to provide a safe, clean, educational and prosperous haven for all our residents and businesses.