Sauk Rapids Considers Extension of Home Rehab Program
SAUK RAPIDS (WJON News) -- Sauk Rapids is renewing a program to help homeowners fix up their houses.
For the past three years, the city has partnered with Gas City on a housing rehab program.
Last year they had 15 applications with six being approved and two more still in the process.
There are some changes to the program for this year including raising the value of the homes eligible for the program from $275,000 to $310,000.
The interest rates are 4.99 percent for a 10-year loan and 5.25 for a 15-year loan. Those are higher than last year's rates of 3 percent and 3.5 percent.
The minimum loan is $10,000 with a maximum of $100,000. The project must include foundation work, a major exterior improvement, HVAC improvements, or converting a rental unit back to owner-occupied housing.
The city council will consider continuing the program during Monday's meeting.
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