Description

The Rental Energy Loan Fund provides financial assistance to owners of residential rental properties to increase the energy efficiency of their buildings. It is designed to assist owners in bringing the property into compliance with the Rental Energy Efficiency Standards. The program is not restricted to low-income owners, and covers a wide range of efficiency improvements for a property. Borrowers must own the property or be purchasing it through a mortgage or contract for deed. The property must contain at least one rental dwelling unit and have been built prior to May 1, 1989.

The maximum loan under this program is $20,000 and the maximum term is 5 years. The interest rate on all loans is 4.0% and there are no penalties for prepayment. On-site building analysis as well as prioritization, decision-making, and submission assistance are also provided. The fund is run by the Center for Energy and Environment’s Financial Resources, and is sponsored by the Minnesota Department of Commerce. The loans will not cover improvements made prior to the date of loan application.