The City of New Ulm is offering rehabilitation loans to owners of multi-family rental properties. The program is funded through the Economic Development Authority. Funds will be made available on a first-come, first-served basis. A property owner may be eligible to borrow up to $50,000 with a two percent (2%) interest rate for ten years.
This program was created for owners who wish to make improvements to their property to create new rental units or rehab existing rental units. Loan funds may be used for a variety of improvements which address code, health and safety deficiencies or for energy efficiency improvements.