Housing and Redevelopment Authority of Todd County
Security Deposit Loan Program
300 Linden Ave S, Sun Rose Courts, Browerville, MN, 56438
(320) 594-6388
toddcountyhra@yahoo.com
https://www.co.todd.mn.us/government/overview/community/todd-county-hra
Service Details
Description
Designed to assist income eligible applicants to borrow money from the Todd County Housing and Redevelopment Authority (HRA) to use for payment of security deposits for rental units in Todd County
* Maximum loan will be lesser of actual deposit or $550
* Applicant household income must not exceed 80% of the area median income as determined by Housing and Urban Development (HUD).
* Applicants must demonstrate the ability to repay loan. The HRA will have sole responsibility and authority to determine eligibility based on third party verification, credit references and rental history.
* Annual percentage for these loans will be 2% simple interest.
* All loans will be secured by a personal note from the borrower. Loans will be repaid within 12 month period with a minimum monthly payment of $35.
* Loans not repaid within 12 months will be submitted to the State of Minnesota Revenue Recapture Program.
* All repayments will be deposited into Revolving Loan Fund, to be made available for additional applicants.
Features
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Area Served by County
- Todd County
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Specialization
- People with low income
Eligibility
Todd County residents
Application Instructions
Call the local office for application instructions
Fees
There is no fee for this service.
Area Served
Todd County
Websites
Phone Numbers
| Type | Number | Hours |
|---|---|---|
| Main | (320) 594-6388 | |
| Toll Free | (866) 814-7713 |
Last Update
8/20/2024
Other Locations
This provider does not offer this service at other locations.
Other Services or resources
Taxonomy Terms Used: Clicking a taxonomy term from the list below launches a new search.
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BH-3800.7250Rental Deposit Assistance Definition
Programs that provide cash grants or loans for people who are in the process of acquiring rental housing and who can handle the monthly rental payments, but who do not have the assets to pay the first month's rent, in some cases, the last month's rent, and any security deposits required to move in.
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NT-6400.4500Low Interest Loans Definition
Programs that provide personal loans for people who qualify on the basis of income at interest rates that are below those obtainable on the conventional loan market.
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YB-0500Adults Definition
Individuals who are age 18 and older but who are not yet considered older adults.
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YB-8000Older Adults Definition
Individuals who are age 50, 55, 60, 62 or 65 or older depending on the minimum age for qualifying as an older adult which varies by program.
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YB-9000Young Adults Definition
Individuals who are generally between the ages of 18 and 25 depending on the ages that specific programs use for qualification.
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YK-2000Families Definition
Groups of people, usually consisting of parents (mothers and fathers) and children, who live together in a common dwelling and depend on one another for support.
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YL-3300.4500Low Income Definition
Individuals or families whose annual income is between 150 and 200% of poverty level for their family size.