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Maplewood council approves housing-rehabilitation loan program with NeighborWorks partnership
Summary
The City Council approved a Maplewood Housing Rehabilitation Program using $300,000 from the local housing trust fund plus a $225,000 Minnesota Housing match; NeighborWorks Home Partners will administer loans of $5,000–$40,000 at a fixed 3% rate for owner-occupied homes up to 115% AMI.
The Maplewood City Council voted unanimously on Sept. 8 to approve the Maplewood Housing Rehabilitation Program, a loan program to help owner-occupants repair health-and-safety issues in 1–4 unit homes. The council passed a resolution directing staff to move forward with a program that pairs the city’s $300,000 housing-trust allocation with a $225,000 match from Minnesota Housing and a loan-administration partnership with NeighborWorks Home Partners.
The program targets owner-occupied properties within Maplewood and sets borrower-income eligibility at up to 115% of area median income (AMI) — for example, a family of four would be capped at $152,250 under the proposed guidelines. Loan sizes will range from $5,000 to $40,000 for qualifying health-and-safety and accessibility repairs. Loans will carry a fixed 3% interest rate and a maximum 20-year term and will…
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