The City of Hopkins provides funding to assist low and moderate income homeowners in improving their homes.
Who Is Eligible?
To qualify for a loan or grant the following requirements 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 or grant amount.
| Income Limits (updated 8/07) | |||
|---|---|---|---|
| Number in Household | Grant | Half | Loan |
| One | $27,500 | $34,600 | $41,700 |
| Two | $31,400 | $39,550 | $47,700 |
| Three | $35,350 | $44,500 | $53,650 |
| Four | $39,250 | $49,425 | $59,600 |
| Five | $42,400 | $53,375 | $64,350 |
| Six | $45,550 | $57,350 | $69,150 |
| Seven | $48,650 | $61,275 | $73,650 |
Terms
The maximum grant or loan is $20,000. 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 six years after the work is completed.
Eligible Improvements
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:
- 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.
Contact at 952-548-6343 for more information.