North Mankato is taking on a new program to preserve the City’s aging housing stock.
With 61-percent of homes over 30 years old, Northside Revivals will offer homeowners who own homes over 50 years old the opportunity to apply for incentives to make interior and exterior upgrades totaling up to 25-thousand dollars.
City Administrator John Harrenstein says the program will help beautify neighborhoods and provide enhanced living choices for older homes.
“Some of the older features that they may want to improve include bathrooms, bedroom additions, kitchen remodels. To qualify for the program or receive the incentives, the program does need be incentivized. The home must be homesteaded and if they do receive a grant, that grant is put as a lean against the property for a number of years. If they do the upgrades and move, the City will become whole and receive the money back.”
Officials say the Local Revolving Loan Fund from the North Mankato Port Authority will cover two remodels in 2018.
“I’m hopeful that this will be a program that grows into the future. We have great quality neighborhoods and this is an effort to continue to ensure they remain great.”
Program participants will be required to take part in an architectural design consultation with an architect. The grant for the project will be awarded with the project is complete, with 50-percent of building permit fees being rebated. The 25-thousand dollar loans have terms of up to 15 years.