Home Rehab & Repair Assistance Resources

As the trees start to bloom and the muddy swamp surrounding
your house turns back into a lawn, many homeowners wisely revisit the list of major
home maintenance projects they’ve been keeping in their heads. Maybe it’s a
roof that needs replacing, or a new paint or siding job. Maybe the driveway
needs repairs, or maybe the furnace is on its last legs. This may be the year
that one of these projects needs to be pursued.

Needs such as these can be expensive, and seeking multiple estimates is always good practice. A lesser-known potential source of savings are the various rehab and repair grant and loan programs that may be available based on where your home is located. The Minnesota Homeownership Center maintains a comprehensive and up-to-date list of these programs, which is accessible here.

Let’s look at a couple real-world examples. Say you’re a
single dad living in Hennepin County with your school-age child. You make
$47,000 per year and you need to replace your furnace. As long as you continue
owning and living in your home for the next five years, you may qualify for
free replacement of the furnace, including labor costs, through a program
called Rebuilding Together Twin Cities. If you sell the house before five
years, the cost of the project is deducted from the sale proceeds.

Here’s another scenario. Let’s say you live in Baudette, Minnesota, make $52,000 per year and need a new roof. You may qualify for a zero interest, deferred, forgivable loan of up to $25,000. If you continue owning and living in your home for the next six years, the loan is completely forgiven over years seven to ten. If you sell the house before ten years, the unforgiven portions of the loan are deducted from the sale proceeds.

Big projects can cost big money – but they still need to be addressed in order to avoid even bigger financial headaches. Thankfully, help covering these costs can often be found when money is tight.