Quick Start loans application deadline extended for Northland residents
ST. Paul, MN – Northland residents affected by the June flash flood received good news last week about financial assistance for home repairs and rebuilding. On Wednesday, the Minnesota Housing Finance Agency extended its Quick Start Disaster Recovery Program application deadline to February 28.
“Homeowners across the Northland are still trying to rebuild their lives after last summer’s incredible flooding,” said Sen. Tomassoni. “Some residents are even just discovering that they need financial help to fully recover. I’m pleased Minnesota Housing recognizes this continued need.”
The Quick Start Disaster Recovery Program is intended for homeowners who are unable to repair or rebuild their homes due to flood damage expenses that exceed private insurance and federal assistance. Homeowners that qualify for Quick Start can receive up to $40,000 in forgivable, no-interest loans. This money can be used for capital improvements that return houses to their pre-disaster or comparable condition. These loans, however, are only forgiven if the resident remains in the home for ten years.
“This program is aimed to provide relief and stability to Minnesota homeowners,” said Sen. Saxhaug. “When natural disasters happen, it is important we provide a lifeline and help each other through the tough times.”
To date, 139 Quick Start loans totaling $2.1 million are in the pipeline for Northland residents.
Homeowners seeking Quick Start loans must have applied for Small Business Administration (SBA) assistance prior to filing a Quick Start application. For those who qualify for SBA assistance, but have not applied, the SBA is still acting on individual requests and Minnesota Housing encourages homeowners with need to apply for SBA and Quick Start assistance simultaneously.
To access the SBA assistance application visit: http://disasterloan.sba.gov/ela. For the Quick Start loan application contact the Arrowhead Economic Development Agency (AEOA) at 702 South 3rd Ave., Virginia, MN 55792, or at (800) 662-5711, Ext. 288 or (218) 749-2912, Ext. 288. The offices of both Sen. Tomassoni and Sen. Saxhaug are also available to help answer questions about the SBA and Quick Start programs.