Housing
Housing is more then just a place to live – it’s the foundation for a thriving, resilient community. Quality, affordable housing plays a critical role in supporting the economic, social, and health outcomes of Renville County. Learn more about Renville County housing opportunities and development programs below.
Safe and affordable housing is the first step to greater opportunity and a better quality of life.”
Down Payment Assistance and Homeowner Rehab Loan Programs
Buying or fixing up a home in Renville County? The HRA/EDA may be able to assist!
Information You Will Need to Provide With Your Application:
- Proof of Income (1 month)
- Proof of Homeowner’s Insurance
- Proof/Availability of Matching Funds
- Copy of Mortgage
- Quotes/Bills for Project (Rehab)
- Purchase Agreement (Down Payment)
- Anticipated Closing Date (Down Payment)
In order to quality for the Down Payment Assistance or Homeownership Rehab Program(s), your household must meet certain income guidelines.
Maximum Household Incomes:
(115% of Renville County’s Median Income)
- 1 person……………………………$71,300
- 2 people……………………………$81,434
- 3 people……………………………$91,641
- 4 people…………………………$101,775
- 5 people…………………………$109,969
- 6 people…………………………$118,091
- 7 people…………………………$126,213
- 8 people…………………………$134,406
These Homeownership Down Payment and Rehab Program loans are on a first come first serve basis and are available until funds have been depleted.
Applicants shall complete the application and submit it, along with other required documentation, to the office of the Renville County HRA/EDA at 200 South Mill Street, PO Box 481, Redwood Falls, MN 56283 or 105 – 5th Street South, Suite 311, Olivia, MN 56277. For more information contact the HRA/EDA at 507-637-4004 or Email HRA/EDA.
Down Payment Assistance Loan
Buying your first home? If you are a first time home buyer or a home buyer who has not owned a home for at least three years, you may be eligible for up to $6,000 to help pay down payment and closing costs on a home in Renville County. This is a 0% interest loan that does not have to be repaid until you move out of the home, sell the home, or pay off the first mortgage.
To be eligible, you must meet income guidelines and live in the home after you purchase it. You must be buying the home with a mortgage, not a contract for deed, and the home must be a permanent structure and insured. While funds last, up to $6,000 is available from the HRA/EDA to match funds you put in from your savings or another source to pay the down payment and closing costs on your home.
Homeowner Rehab Loan
Planning to fix up your home? If you are an owner-occupant in Renville County, you may be eligible for up to $6,000 to match funds you use to do permanent repairs to your home. For example, if you put new siding on your house at a cost of $8,000, the Homeownership Program would lend you $4,000. The loans are at 0% interest and are repayable over five years. For very low income households, repayment of the loan is not due until any loan from a bank necessary to provide the matching funds has been repaid.
Eligible repairs include roofs, siding, painting, insulation, mechanical systems, windows and doors, concrete or masonry work, additions, accessibility features, demolition to allow new construction, or other permanent improvements.
Borrowers must meet income guidelines and must either own their house outright or have a mortgage. The home must be a permanent structure. Borrowers must be current on their real estate taxes and provide proof of insurance.
Rental Rehab Loan Program
The Rental Rehab Loan Program provides interest free, matching loans to owners of single and multi-family rental homes. Assistance will not exceed $25,000 per unit with a maximum of $50,000 per complex. Borrowers (landlord/property owner) must supply at least a 50% match with borrowed, gifted, or personal funds.
Repayment Terms
- Loans carry 0% interest.
- Loans will be repayable in equal monthly installments over a period of five years.
- Loan repayments may be deferred for three months from the date of the approval letter
- Loans will be due and payable in full when the borrower refinances, sells the home, or the property is no longer a residential rental property.
- Loans made under the Rental Rehab Program are not assumable.
Eligible Improvements
Improvements must be physically attached to the property and must be permanent in nature.
The following types of improvements are eligible:
- Improvements to and replacement of roofs, floors, exterior walls, interior walls, stairs, sidewalks, foundations, windows, doors and other basic housing features.
- Functional improvements to and the replacement of electrical systems, plumbing and plumbing fixtures, heating units, individual sewage treatment systems, etc.
- Improvements that address energy consumption and security.
- Structural additions.
The following improvements and costs are ineligible:
- Fireplaces or wood stoves.
- Decks, patios, or landscaping beyond that required in connection with foundation or basement work.
- Appliances or other improvements not permanently installed or attached to the structure.
- Improvements that are done prior to the approval of the loan from the Rental Rehab Program.
- Refinancing of existing indebtedness.
- Payment for labor of borrower.
Eligible Properties
Properties eligible for Rental Rehab funding must be located in Renville County, be the applicant’s rental income property and be used exclusively for residential rental purposes.
- Property must be renter occupied for the life of the loan.
- Property cannot be renter occupied by immediate family. (Children, step-children, spouse, parent, grandparent).
- Properties may not be under a contract for deed.
- Mobile homes shall not be eligible for Rental Rehab funds.
- No funds will be disbursed for the rehabilitation of a property on which property taxes are delinquent and unpaid.
- No funds will be disbursed for the rehabilitation of a property which is in default of a mortgage, contract for deed or comparable obligation or if the owner is currently engaged in bankruptcy proceedings.
- A property is eligible if it is owned by a private entrepreneur or housing co-operative.
- Rural Development and HUD properties are not eligible for this program.
Applicants shall complete the application and submit it, along with other required documentation, to the office of the Renville County HRA/EDA at 200 South Mill Street, PO Box 481, Redwood Falls, MN 56283 or 105 – 5th Street South, Suite 311, Olivia, MN 56277. For more information contact the HRA/EDA at 507-637-4004 or Email HRA/EDA.
Blight Removal Grant Program
The goal of the Blight Removal Grant Program is to partner with public and private property owners to remove blighted structures and encourage reinvestment in the property. The objective of the program is for the HRA/EDA to provide financial help to remove and remediate blighted property in Renville County.
Grants of up to $5,000 (residential) or $10,000 (commercial) are available to assist with the proper cleanup of blighted structures that pose a risk to health and safety. Grants require a 1:1 cash match and are reimbursed upon submission of paid receipts for costs incurred.
This program is not currently accepting applications. 2025 application dates will be announced in early 2025. Projects awarded grant funds must be complete, and receipts turned in, by December 1, 2024.
Applications can be submitted any time via Email Renville County HRA or mailed to the Renville County HRA at 200 S. Mill Street, PO Box 481 Redwood Falls MN 56283 or placed in the drop box located in the main entrance of the Government Services Center in Olivia (Use Door 1 or Door 14).
Type III Demolition Contractors
If you are a contractor who would like to provide demolition services to a blight removal grant recipient, you must have your Type III Demolition Certification. Learn more about obtaining a Type III Demolition Certification.
Housing Development Gap Loan Program
In an effort to help stimulate the creation of new multifamily housing development, the Renville County HRA/EDA has created a subordinate gap financing program to assist with development.
The Renville County HRA/EDA can lend up to $10,000 per unit being constructed with a maximum loan size of $50,000 per development.
Terms: WSJ Prime interest rate at the time of approval (currently 3.25%). 12 year loan. Interest only for first two years during construction / stabilization, then 10 years of monthly principal and interest on a straight-line amortization.
Security: 2nd mortgage (behind lead lender) and personal guaranty of all owners with 20% or more equity.
Fees: Actual expenses: legal fees for drafting docs and mortgage recording fees.
Call the Renville County HRA/EDA at 320-523-3656 for more details and to discuss your potential project.
Tax Abatement Building Incentive Program
The goal of the Tax Abatement Building Incentive Program is to encourage new construction of residential properties in Renville County and encourage replacement of dilapidated housing structures that may not be suitable to live in.
Program Outline
Eligible applicants may qualify for county and/or city property tax abatement for residential properties built within Renville County boundaries, in accordance with Minn. Stat. 469.1813. This will include single family homes and multi-family residential units. This policy shall have limitations on taxable value per property, as well as the total aggregate amount that can be abated in any given year for all properties (as budgeted and approved by the County Board).
- Newly constructed single-family residences may receive abatement of up to $200,000 in assessed value for up to five (5) years.
- Multi-family residences may receive the same $200,000 assessed value 5-year property tax abatement, plus an additional $10,000 assessed value per additional unit. (For example: a 4-unit apartment complex may qualify for up to $230,000 in assessed value property tax abatement).
Abatement will be in the form of a tax rebate calculated by the County Auditor-Treasurer after timely payment of regular property tax payment is made. This abatement does not apply to any penalty or interest due resulting from late or delinquent payment of property taxes.
Eligibility and Application Processing
- Property must be located within Renville County.
- Project is built to building codes adopted at the time building permit is obtained.
- Property taxes must be current at time of application.
- Applicant must apply for abatement within six (6) months of obtaining the appropriate land use or building permit.
- Abatement may transfer with the sale of the property for the balance of the original five-year abatement period.
- Abatement only applies to the new residential property being built. It does not apply to any special assessments, accessory structures, etc.
- Each Renville County city will have its own guidelines on if they allow abatement of their portion of their taxes.
- Applications will be received by the Auditor-Treasurer’s office and reviewed to confirm eligibility.
- If eligibility criteria are met, the Auditor-Treasurer’s office will calculate the estimated property tax eligible for abatement and forward details to Administration so the request can be addressed by the County Board, including the scheduling of a public hearing.
To learn more about this program, contact the Renville County Auditor/Treasurer’s Office at 320-523-2071.