Residents of Chandler, Currie & Iona
0% HOME REPAIR FUNDS ARE NOW AVAILABLE!
Murray County has pledged $378,000 to provide Housing Repair Loans to 20 income-eligible homeowners living within the Cities of Chandler, Currie, and Iona.
The following eligibility requirements apply:
- Ownership: The applicant must own a property within the city limits of Chandler, Currie, or Iona.
- Occupancy: The home to be improved must be the applicant’s principal place of residency. The applicant must live in the home the majority of the year.
- Eligible Repairs: Repairs that are permanent and necessary are eligible. Examples are roofing, foundations, siding, windows, heating units, electrical, plumbing, and health and safety repairs.
- Real Estate Taxes: Applicant must be current with real estate taxes in order to receive a Housing Repair Loan.
- Insurance: The home must be insured while the loan is in place.
- Income: Homeowners who are low to moderate income are eligible to participate n the program.
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70% of the project cost will be provided by the Housing Repair Loan: A 0% deferred loan with no payments and no interest for 10 years. The loan will be forgiven 10% each year and will revert into a grant if the property does not change ownership within 10 years.
30% of the project cost will be provided by the homeowner. The Southwest Minnesota Housing Partnership will assist in determining other resources that may be available to fund the homeowner’s portion.
The average Housing Repair Loan is $18,900. The maximum Housing Repair Loan is $25,000.