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NEW ULM - Changes to the Multifamily Rental Rehabilitation Loan program were approved during Tuesday's Economic Development Authority (EDA) meeting.
Suggested changes to the program were discussed during a work session in October.
The Multifamily Rental Rehabilitation Loan program gives assistance to those with aspirations to create or upgrade rental units in the area, which would benefit the housing market in New Ulm.
The most notable alteration to the program increased the loan amount offered. Previously, 2% interest loans up to $50,000 were available on a first come, first serve basis. Applicants are now able to receive up to $70,000 loans with a 2% interest rate.
Due to increasing costs, the board felt that a loan increase was in order.
Changes also removed proof of current property tax, liens, owner paid utility bills and other assessment requirements while adding that New Ulm EDA must be listed as additional insured.
Language regarding acceptable credit history was specified to clarify that a minimum score 650 is required.
The program now includes information about application pickup. Applications are located on the first floor of City Hall from the Economic Development Authority. Fees, required documentation and application must be provided to the EDA by owners looking to qualify for the loan.
For additional information regarding the program, contact Economic Development Director Heather Bregel at HeatherB@newulm.gov.