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Granite Falls Advocate Tribune
  • MVAC loans to help repair flood damage

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  • Residents of southern Minnesota whose property was damaged by flooding earlier this year can get help with repairs through programs offered by Minnesota Valley Action Council.
    MVAC, a non-profit Community Action Agency, is delivering disaster assistance programs funded by the Minnesota Housing Finance Agency. The programs include low-interest and no-interest loans to return homes to pre-disaster condition. No upgrades, additions, refinancing debt unrelated to disaster damage, or replacement of personal property is allowed.
    The Community Fix Up Loan is a payback loan with a 3 percent interest rate. Up to $50,000 can be borrowed, with a maximum term of 20 years. This loan requires a minimum credit score of 620, a maximum debt ratio of 48 percent, and uses a special calculation for loan-to-value. People who may have trouble getting a traditional bank loan at an affordable rate may be able to qualify for this loan.
    Mobile homes located in a park are not eligible for the Community Fix Up Loan.
    The Quick Start Loan is a no-interest, 10-year deferred loan for up to $20,000. If the owner continues to use the property as their primary residence for 10 years, the loan is forgiven.
    The loan application period ends Oct. 24. Those interested are urged to seek further information and return applications immediately. There is no income limit for either program.
    Residents of Yellow Medicine County should contact Sheila Ous at (507) 345-2416, or email sheila@mnvac.org.

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