The City of New Ulm is offering rehabilitation loans to owners of single-family residences. The program is funded through the Economic Development Authority. Funds will be made available on a first-come, first-served basis. A homeowner may be eligible to borrow up to $40,000.
The City designed the Get it Ready Rehabilitation Program to rehabilitate properties by correcting code violations, potential code violations, or unsafe living conditions. This program is not designed for remodeling or room additions.
To be eligible for the program the following criteria must be met:
Home must be within New Ulm city limits.
Applicant must have at least 1/3 title interest in the property on record at Brown County Recorder’s office but all owners must sign the note and mortgage.
Apartments, condos and townhomes are not eligible for this program.
Applicant must be current on mortgage and property tax payments and provide proof of current homeowner’s insurance.
No judgements or liens can be recorded against the property.
Eligible improvements include but are not limited to:
roofing, plumbing, electrical, heating,
interior / exterior painting where lead paint is present,
sewer & water line replacement, and
window and door replacement.
If you have questions on the program, please email the Economic Development Director Audra Shaneman or call 507-233-2113.