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Help for Minnesota Residents Affected by June 2014 Floods

Minnesota Housing provides loans up to $70,000 if your home or rental property was damaged in the June floods. 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 if you have qualifying credit. The interest rate for these loans has been reduced to 3.00%.

  • If you do not qualify for a Community Fix Up loan, or if you 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 you remain in your home for 10 years. Funding for rental housing properties is also available under similar terms and conditions.

What should I do next?

  1. If you have insurance, please call your insurance company before applying for a Minnesota Housing loan. Only damages that are not covered by insurance can qualify.
  2. Contact the lender partner assigned to your county (see below). These loans are only available to residents affected by the flood in counties declared by the Federal Emergency Management Agency (FEMA). The list of counties will be updated if additional declarations are made.
  3. Gather your materials. You’ll need to provide your lender with:
  • Letter of denial or partial benefits from homeowner’s insurance
  • Photos of damage
  • Receipts from any replacements/repairs
  • Proof of homeowner’s insurance
  • Contractor bids
  • Proof of being current on mortgage and property taxes (for Community Fix Up loans only)

The application deadline for both the Community Fix Up and Quick Start programs is November 15, 2014.

Approved Lenders

Center for Energy and Environment
212 3rd Avenue North, Suite 560
Minneapolis, MN 55401
Counties served: Carver, Hennepin, Ramsey, Scott, and Wright
Headwaters RDC
403 4th Street Northwest, Suite 310
Bemidji, MN 56601
Counties served: Koochiching, Marshall, Roseau, Lake of the Woods, Beltrami, Todd and Wadena
Tribal Band served: Bois Forte Band of Chippewa for properties located in Koochiching County and Red Lake Band of Chippewa for properties located in Beltrami and Lake of the Woods Counties
Minnesota Valley Action Council (MVAC)
706 North Victory Drive
Mankato, MN 56001
800.767.7139 or 507.345.6822
Counties served: Blue Earth, Brown, Faribault, Chippewa, Jackson, La Qui Parle, Le Sueur, Lyon, Martin, McLeod, Murray, Nicollet, Nobles*, Pipestone, Redwood, Renville,  Rock*, Sibley, Waseca, Watonwan, and Yellow Medicine
204 South Elm Street
P.O. Box 549
Rushford, MN 55971
Counties served: Dodge, Freeborn, Steel and Rice
Tribal Band served:  Pine Island Indian Community for properties located in Goodhue County

*Federal Small Business Administration (SBA) loans are available in these counties as part of Iowa disaster declarations. You must apply for and use SBA repair funds before applying for Minnesota Housing funding. Contact MVAC for more information.