The Rental Energy Loan provides financing to owners of residential rental properties to increase the energy efficiency of their buildings. The Minnesota Department of Commerce sponsors the Rental Energy Loan using Exxon Oil Overcharge funds. This program is only offered by CEE. Eligible borrowers may include individuals, partnerships, corporations or other business entities that own eligible property.
Eligible Improvements:
Insulation, furnace or boiler replacement, doors and windows, water heater, weather stripping and caulking, and high efficiency lighting.
Terms:
Minimum Loan Amount: $500
Maximum Loan Amount: $10,000
Interest Rate 4% APR
Maximum Term 5 years
* Rental Energy loans must be secured by a mortgage.
Rental Rehabilitation Program
The Rental Rehab Loan offers owners of residential rental properties low-interest financing to complete improvements that increase the livability of the property.
Eligible Improvements:
Most projects are eligible, including but not limited to: structural additions and alterations, energy improvements, roofing, siding, interior/exterior painting, appliances, plumbing, electrical, fences, and landscaping.
Terms:
Minimum Loan Amount $1,000
Maximum Loan Amount $10,000/unit; $100,000/structure
Interest Rate 6% APR
Maximum Term 15 years
* Rental Rehab loans over $5,000 must be secured by a mortgage.
