Rental Rehabilitation Deferred Loan Program

Southwest Minnesota Housing Partnership has been awarded $2 million to assist with rehabilitation and repairs of rental properties located in southwest and south central Minnesota, thru Minnesota Housing's Rental Rehabilitation Deferred Loan Program (RRDL). Rental property owners in Rice County are eligible and are encouraged to apply.

Program Facts: 
• Maximum loan per rental unit is $25,000 
• Total maximum loan amount is $300,000
• Loans are 0% deferred loans, non-recourse
• Minimum term is 10 years for loans under $100,000 and 15 years for loans over $100,000
• Funds can be structured as a construction loan or end loan
• Owners must contribute a minimum of 5% of eligible soft costs
• Project must meet income and rent requirements
• Rehabilitation must address all rehabilitation needs of property
• At least 51% of property must be residential space
• Single family homes and duplexes are eligible but owners must have a minimum of 4 units within one community. 
• Application fees are $100 per unit with a $500 minimum fee. Maximum fee is $3,000 and this must be submitted at time of application. 

Program Contact:
Michele Clarke, Loan Officer
Southwest Minnesota Housing Partnership
2401 Broadway Avenue, Suite 4
Slayton, MN 56172
Phone 507-836-1617 / Fax 507-836-8866 / Email michelec@swmhp.org

CONTACTS:
Deanna Kuennen, Economic Development Director, (507) 332-6126
Gary Weiers, County Administrator, (507) 332-6121