Housing Rehab Deferred Loans

The City of Hopkins provides funding to assist low and moderate income homeowners in improving their homes.

Who is eligible?

To qualify for a deferred loan the following criteria are necessary:

  • Must be a Hopkins homeowner residing in the property to be improved.
  • Must not exceed the income limits as listed below.
  • Must have equity in the property equal to or greater than the loan amount.
Income Limits (effective 4/14/2017)
Number in Household Income limits
One $47,600
Two $54,400
Three $61,200
Four $68,000
Five $73,450
Six $78,900
Seven $84,350
Eight $89,800


  • The maximum deferred loan amount is $25,000.
  • The loan is deferred for a period of 15 years with no monthly payments.
  • The loan is forgiven over 15 years and does not require repayment unless the home is sold prior to the 15-year forgiveness period. Loans must be repaid upon sale of the home if any balance on the loan remains.
  • The combined loan-to-value ratio may not exceed 100%.
  • Residents may have only one deferred loan out with the City at a time, unless one of the loans is an emergency loan.

Eligible improvements

Improvements must be permanent. Such improvements include alterations or repairs to the property that 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:

  • Furnaces
  • Roofs
  • Windows
  • Electrical
  • Hot water heaters
  • Structural repair
  • Plumbing
  • Insulation

The program is funded through the Community Development Block Grant program under the Department of Housing and Urban Development.


  • Community Development Coordinator

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