Tuesday, September 09, 2014

Residents affected by June flooding may be eligible for loans

Edina, Minn., Sept. 2, 2014 – The U.S. Department of Homeland Security's Federal Emergency Management Agency has made federal disaster aid available to the State of Minnesota to supplement state and local recovery efforts in the area affected by severe storms during the period of June 11 to July 11, 2014. In addition, residents can take advantage of residential assistance programs for homeowners struck by the disaster. 

Edina residents affected by the June flooding may be eligible for state loans up to $70,000 through Minnesota Housing. Funds are for capital improvements that return the home to pre-disaster or comparable condition.

There are two loan programs available:

  • Community Fix Up flood loans can provide up to $50,000 in repair funding for residents with qualifying credit. The interest rate for these loans has been reduced to 3 percent.
  • For residents who do not qualify for a Community Fix Up loan, or those who have flood repair needs beyond what is covered by the Community Fix Up loan, the Quick Start Disaster Recovery Program can provide additional assistance up to $20,000. Quick Start loans are interest free and forgiven if the owner remains in the home for 10 years. Funding for rental housing properties is also available under similar terms and conditions.

“These programs are critical resources for people who experienced this year’s flood damage,” said Mary Tingerthal, Minnesota Housing Commissioner. “I encourage property owners in affected areas to contact our lender partners to learn more.”

To be eligible for a loan, residents must first contact their insurance companies. Only damages that are not covered by insurance can qualify. The application deadline for both loan programs is Oct. 24, 2014.

For more information, residents should call the Center for Energy and Environment’s Lending Center directly at 612-335-5851.

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The City of Edina
4801 W. 50th St., Edina, MN 55424
mail@EdinaMN.gov 952-927-8861

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