Apartment Remodeling

Take advantage of Richfield's Apartment Remodeling Matching Loan Program to make your apartment building and units more competitive.  The program is two-fold.  First, it offers the technical assistance of the Richfield Remodeling Advisor, Dave Schaffer, for cost-estimating, project planning, and questions.  Second, it offers a matching loan opportunity for apartment remodeling and property improvements.

Dave Schaffer can provide remodeling advising free of charge for Richfield property owners.  Call the Remodeling Connection at (612) 861-9772, and leave a message for Dave.

The Richfield Apartment Remodeling Matching Loan has the following characteristics:

• Loan funds up to $5,000/unit to match owners' funds, up to $50,000/building.
• Matching loan funds are 0% interest, deferred payment until property sale, with a 15-year term, or coterminous with the first mortgage (whichever is less).  After the term of the loan is met, the loan is due.
• Work must be contracted, based on the lower of two (2) bids.
• Improved units are subject to income requirements for tenants.
  • Income limit for tenants in each improved unit is $61,350.
• Improved units gross rents are subject to rental price limits.
  • Maximum gross rent (includes utilities) is lesser of Fair Market Rent or 30% of tenant's income at 50% of median income.
  • Minimum gross rent (includes utilities) is 30% of tenant's income at 30% of median income.

For application or more information, contact Center for Energy and Environment at (612) 335-5880.