MANKATO, Minn. (KEYC) - Profinium, Inc. has proposed to partner on a home improvement loan program.
Property owners of single family dwellings would be able to apply for a loan of $10,000 - $75,000.
To be eligible, homes would need to be built prior to 1995, be owner-occupied and primary residence, located within city limits of Mankato, and have an assessed value under $200,000.
Eligible home improvement activities include: foundation work, major exterior and interior, addition needed and mechanical.
After Profinium determines an application to be eligible, the city's role would include an initial inspection to identify building code and/or structural corrections that would be included in the scope of work for the project.
This partnership would help to fill a gap for those who are not eligible for the city's Community Development Block Grant owner-occupied housing rehabilitation program.
The EDA approved the program for a year, with a report expected after.