The City of Minnetonka offers low-interest home improvement financing for Minnetonka residents.

Loan terms

• Income and asset limits apply
• Up to $15,000 for home repair, efficiency improvements and some additions
• 10-year loan term, three percent interest rate (3.448 percent APR)*
• The loan is secured by a mortgage on the applicant’s property
• Closing costs apply

Property eligibility

• Single-family, owner-occupied properties
• Town homes and condominiums (subject to association bylaws)
• Maximum home value of $515,200 (based upon estimated market value)
• Property must be homesteaded or held in a contract for deed

Income limit

Types of improvements

• Eligible improvements: exterior repairs, painting, major mechanical projects and high efficiency energy improvements
• Driveways, sidewalks and steps (requires city review and approval)
• Windows and doors (Energy Star)
• Insulation
• Solar
• High efficiency HVAC

More information

Visit the Center for Energy and Environment to apply or call 612-335-5884.

The current loan terms and conditions stated, including interest rates, do not constitute a commitment to lend or an offer to enter into an agreement, and that such an offer may only be made pursuant to Minnesota Statutes, Section 47.206(3) and (4).

* APR is based on a $15,000 loan over 10 years.

The Housing Rehabilitation Program offers a forgivable loan up to $20,000 for eligible home repairs for low- and moderate-income households. The program is administered by Hennepin County.

Please Note: There is a waitlist for this program. If your project needs are urgent, please reach out to city staff. 

Loan details

• No monthly payments
• Loans are forgiven if you remain in the home for 10 years
• Loans must be repaid (with no interest) if the homeowner transfers title, sells the home or no longer lives there.
• Eligible repairs include: plumbing, electrical, painting, windows, doors, siding, roof replacement, accessibility improvements, flooring and other repairs that address health, safety and maintenance concerns
• Non-eligible repairs include items like landscaping, additions, hot tubs, pools and demolition.
• Applicants will be placed on a waiting list and notified when funds are available.
• Though Hennepin County advertises loans up to $30,000, Minnetonka's limit is capped at $20,000.

Income requirements

This funding is intended for low- and moderate-income households. To qualify for assistance, your household income must be below these limits:

How to apply  

• Complete a Housing Rehabilitation Program application through Hennepin County.
• If you have questions regarding the application or process, contact Hennepin County at 612-543-4182.

City staff is happy to assist Minnetonka residents with the application process. Contact Housing Coordinator Kendyl Larson, 952-939-8267. 

Minnetonka residents can apply for low-interest loans to make repairs or energy efficiency improvements to their home. Low-interest financing is also available specifically for residential solar energy projects.

Learn more and apply for these helpful resources from the Center for Energy and Environment and the Minnesota Housing and Finance Agency.

The city is committed to working with property owners to promote the preservation of existing affordable and moderately priced housing in Minnetonka. Specifically, the city wants to preserve naturally occurring affordable housing – residential properties that are affordable but unsubsidized by any city or government program.

Legacy housing aims to give homeowners and multi-unit property owners the ability to maintain the
affordability of their homes or property for the next generation. The city has put together some options for homeowners to consider to create new affordable housing and prevent the loss of existing affordable housing.

Why consider legacy housing?

Property owners may see the following benefits:

• A preservation buyer maintains the seller’s legacy
• Current residents have the chance to remain in their homes
• Positive social return of preserving an affordable housing resource
• Streamlined sales process
• Potential tax benefits available, if sold to a nonprofit buyer
• Property is reinvested in for the long term

Single household options

• Keep your home affordable long term and consider selling your home to:
  • Habitat for Humanity
  • Twin Cities Land Bank
  • Homes within Reach
• Add a restrictive covenant on your property. Work with the City of Minnetonka to place a restrictive covenant on your property. Call 952-939-8267 to discuss.

Multi-unit options

We can help:

• Provide connections to private, philanthropic and public investors in affordable housing, as well as for-profit and nonprofit developers creating and preserving affordable homes in Minnesota communities.
• Connect you with local organizations that provide equity investments to support the preservation of existing affordable rental housing in the seven-county metro area.

If you are interested in any of these options or would like to discuss having your property remain affordable long term, contact the city at 952-939-8267.

• Twin Cities Habitat for Humanity Foreclosure Prevention provides free counseling, advocacy and resources to homeowners behind on mortgage payments or property taxes. 

• Lutheran Social Services – Foreclosure Prevention provides counseling to help you get through a potential foreclosure.