The South St. Paul Economic Development Authority offers loan funds to property owners for improvements to multi-family properties. The Center for Energy and Environment administers the South St. Paul Loan Programs, securing the most beneficial financing based on the borrower’s needs, independent of the funding source. This program became available in November 2023.
Loan Features
- Fixed 6.5% interest rate
- Loan term up to 15 years
- Maximum loan amount: $50,000
- Income limit: 120% AMI based on family size
- No income limit if the borrower is a business
Eligible Projects
Most permanent exterior or interior projects qualify, including but not limited to:
- Roofing and siding
- Windows and doors
- Insulation
- Solar installation
- HVAC upgrades
- Electrical and plumbing work
- Garage replacement or new construction
- Interior remodeling
- Driveways, sidewalks, and steps
- Fencing and permanent landscaping
Eligibility Requirements
Applicants must:
- Own a 2-16 unit non-owner-occupied property in South St. Paul (townhomes and condos eligible)
- Be a legal resident of the United States or a business registered with the Minnesota Secretary of State
- Businesses must be at least two years old and show a positive cash flow on the most recent federal tax return
- Meet the credit requirements outlined in the program details