Hennepin County Housing and Redevelopment Authority has provided funding for the Crystal Economic Development Authority (EDA) to provide storefront/facade improvement assistance for existing buildings in specific business districts:
• The deferred loan would have a 10-year term and the balance would be reduced by 10% each year. If the property is sold during the 10-year term, full repayment of the remaining loan balance would be required. Any repayments would be used to capitalize a revolving loan fund for Crystal to continue the program after the county funding is exhausted.
• The minimum project would be $10,000 (meaning a $5,000 forgivable loan). There would be no maximum project but the maximum forgivable loan would be $12,500.
• As part of the application process, the city will provide architectural services at no cost, up to a maximum of $1,000 per business and $3,000 per property.
For questions, contact Community Development Director John Sutter at 763-531-1130 or email
[email protected].