There are a variety of financial resources to help restore or repair residential, commercial, and rental properties in Hastings. Below is a brief description of the known programs with links to more information.
The HEDRA Rehabilitation Loan Program provided by HEDRA (Hastings Economic Development and Redevelopment Authority) is for homeowners who live in a designated historic property. The loan may provide up to half of the total rehab cost at a low interest rate. This program is also available to owners who do not live in a designated historic property, but are low to moderate income.
The CDA Home Improvement Loan Program provided by the Dakota County CDA(Community Development Agency) assists low- and moderate-income homeowners, regardless of historical status, with making repairs and improvements to their homes. Funds are commonly used for roof or furnace replacement or electrical and plumbing repairs. For more information please contact Mark Hanson, CDA Loan Specialist at (651) 675-4469
The HEDRA Interest Reduction Program provides commercial rehab loans by making a one-time payment to the bank that lends rehab funds to the property owner. The effect of the payment is to reduce the interest rate to 3%. The HEDRA payment is a deferred loan to the owner, payable upon sale of the property, without interest. The interest reduction program can be used for both exterior and interior repair/restoration projects on commercial buildings in the downtown business district.
Income producing properties that qualify or are listed on the National Register could receive an income tax credit of 20% of qualified rehabilitation costs. The proposed work must be certified through the State Historic Preservation Office and the National Park Service. Before and after documentation will be required. The work must meet the Secretary of Interior’s Standards for the Rehabilitation of Historic Buildings. For information contact Britta Bloomberg, State Historic Preservation Office at
(651)-296-5434. National Park Service information on the program and the standards: www.cr.nps.gov\hps\tps\tax\index.htm.
National Trust walks you though the qualifications: www.ntcicfunds.com/basics/index.html
The HEDRA Rental Rehabilitation Loan Program provides loans to rental property owners for code compliance or improvement of rental units. Depending on the funds available, this may be up to 50% of the total costs or $20,000, whichever is less. The monthly rents for the units worked on must be affordable and the household income of the tenants must qualify as low-mod income.
For information regarding the HEDRA loan programs mentioned above, please follow the links provided in the program descriptions or contact John Hinzman at (651) 480-2378 or email@example.com