The Housing and Redevelopment Authority of St. Paul has launched the Rental Rehab Loan Program, giving landlords the opportunity to enhance their rental properties. The program, designed to foster community development and improve housing standards, offers interest-free loans of up to $75,000 per property.

Eligible properties within St. Paul, with a maximum of seven residential units, are encouraged to apply. To ensure affordability, at least half of the units must be leased to tenants earning 60 percent or less of the area median income.

City officials are prepared to start the review of intake forms on Monday, May 13, prioritizing applications on a first-come, first-served basis. Interested landlords are encouraged to submit their forms quickly, as the program will operate until funding is depleted.

Prospective participants will undergo a preliminary assessment of eligibility based on predefined property and financial criteria outlined in program guidelines. Successful applicants will then be guided through the application process.

Applicants should be prepared for associated fees, including a $50 application fee for title searches and credit checks during the underwriting process. Additionally, a $246 fee will be due at closing to cover closing and recording costs.

Loan repayment, structured over a ten-year period on a quarterly schedule, ensures the availability of funds for future participants.

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