The City of Hopkins provides funding to assist low and moderate income homeowners in improving their homes.
To qualify for a loan or grant the following requirements are necessary:
|Income Limits (effective 1/1/14)|
|Number in Household||Grant||Half||Loan|
The maximum grant or loan is $25,000. The grant/loan is filed as a second mortgage on the property and is not assumable upon the sale of the home.
Loans are offered at 3% interest over a 12-year period. Grants do not require repayment, provided the homeowner lives in the home for ten years after the work is completed.
Improvements must be permanent. Such improvements include alteration or repairs to the property which correct defects or deficiencies in the property that affect the safety and habitability of the home. Work can also include upgrading the home's energy efficiency. Examples of eligible improvements include:
The program is funded through the Community Development Block Grant program under the Department of Housing and Urban Development.