ST. PAUL — To help private homeowners and owners of rental property owners whose property was damaged during flooding in June and July, the Minnesota Housing Disaster Loan Program is offering no-interest loans.
The loans, meant for owners of single-family dwellings or rental properties with up to four units, can be up to $15,000.
Flooding in June and July impacted Dodge, Goodhue, Mower, Olmsted, Rice and Steele counties. The Disaster Recovery Loan Program provides forgivable, no-interest loans. It helps to fill gaps between what homeowners received from insurance and SBA funds, and what it will cost to return the home to pre-disaster condition. There are no income limits for the Disaster Recovery Loan Program.
"The Disaster Recovery Loan Program is a critical resource for people who experienced damage from this year’s floods," said Minnesota Housing Commissioner Jennifer Ho. "I encourage property owners in affected areas to contact our administrator to learn more."
Homeowners must first apply for and accept all insurance and SBA funds before applying for the Disaster Recovery Loan Program. The deadline to apply for SBA funds is Sept. 30.
Homeowners can contact the program administrator to apply for the Disaster Recovery Loan Program by Nov. 30 at SEMCAC, 204 Elm St., Rushford, 55971-0549, or call Cindy at (507) 864-8207 or Amber at (507) 634-4350.