Hennepin County Housing and Redevelopment Authority and the Crystal Economic Development Authority (EDA) have a jointly funded program to assist with storefront facade improvements.
• Property eligibility has been expanded to include commercial properties where the principal building was constructed before Jan. 1, 1995. (Hennepin County funds are still restricted to three specific districts in Crystal but the EDA’s funds are available to qualifying properties anywhere in Crystal.)
• Project eligibility, including specific types of eligible improvements, is described in the program guidelines.
• The assistance is for 50% of eligible costs up to a maximum assistance amount of $12,500.
• The assistance comes in the form of a deferred, forgivable loan using the repayment agreement template. The loan has a 10-year term and the balance would be reduced by 10% each year and forgiven after 10 years. If the property is sold during the 10-year term, full repayment of the remaining 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.
Click on the above links for application materials. If you have questions, contact Community Development Director John Sutter at 763-531-1130 or email
[email protected].