Adrian Receives $364,000 in Funds for Small Cities Development Program Grant
The City of Adrian has received funding of $364,000 for a Small Cities Developmental Program (SCDP) and is working with the Southwest Minnesota Housing Partnership (SWMNHP) to administer the use of the funds.
The SWMNHP, on behalf of the city, held an information meeting on Thursday, August 11, 2016 for homeowners interested in participating in the grant. Ten households were in attendance for the meeting. The grant is approved for twenty fully funded homes, at a benefit of up to $18,200 each. It is expected more than twenty homes can benefit as many projects will not reach the $18,200 mark.
There are several steps to being qualified for the grant. To be eligible, the applicant must own the property. Said property must be within the city limits of Adrian, the home must be the applicants principal place of residency, repairs that are permanent and necessary are eligible, applicant must be current with their real estate taxes, the home must be insured while the loan is in place. The qualified applicants will be eligible to receive funding for up to 70% of the approved project (up to $18,200). Those funds (the 70%) will be acknowledged as a forgivable loan with 10% of the grant funds being forgiven each year. The loan will be fully forgiven ten years after the projects are completed. If the home is not in the grantees ownership prior to ten years, the grantee would owe back the City of Adrian the remainder of those funds. Up to 30% of the project cost will be the responsibility of the homeowner. That amount could be obtained through loans or other grants. The Public Utilities Commission (PUC) is participating in the homeowners 30% portion by offering up to $10,000 for home efficiency improvements, on average that is $500. These funds are part of the Conservation Improvement Program.
If you have any questions about this grant or would like help with an application you may call SWMNHP at 1-888-468-8010 ext. 1617 or call Adrian City Hall at 483-2849.
