St. Cloud Southside University Neighborhood (SSUNA)and the HRA want single family homes back on the Southside! They are offering a $25,000 loan to anyone willing to buy a home in the neighborhood and convert it from rental to single family or to owner occupied. Call the HRA now for an application and details or contact Rich Kelly with SSUNA at richkelly1@yahoo.com.
- Property must be a current licensed rental property. (contact Rich if interested & property is not a current rental or if it is an owner/occupied rental)
- Applicants can be pre-approved prior to an offer, have a purchase pending, or completed a purchase within the last 180 days.
- Applicant must purchase home for the purpose of homesteading. Property must remain owner occupied or repayment is due in full.
- Maximum Loan amount is $25,000, with zero % interest deferred for 30 years.
- Loan would be repaid when the home is sold, refinanced, or converted to a rental.
- Funds may be used for interior or exterior improvements, and must be deemed as required by Housing Quality Standards (HQS).
- Funds may also be used to eliminate redundant or unnecessary structures or facilities such as extra kitchens, bathrooms and plumbing, reduce the number of electrical services, eliminate barriers between multiple floors, eliminate multiple heating systems, eliminate unnecessary egress/access etc. HRA staff will inspect the property and prepare the scope of work.
- HRA Staff will prepare bid documents; however, the applicant will be responsible for contractor solicitation and selection.
- The use of the funds is not intended to displace any current occupants, and cannot be used for tenant relocation expenses. Uniform Relocation Act does not apply.
- There is no income limit for this program. This program can be used along with other programs offered by the HRA, if the applicant is eligible, including CDBG, NSP and GMHF rehab programs.
Contact the HRA for more details - 320.252.0880.
