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The Red Wing Housing and Redevelopment Authority (HRA) has Community Development Revolving Loan and Deferred Loan Funds available to provide rehabilitation financing to commercial properties in the historic downtown and Old West Main Street areas of Red Wing. Applicants must own the building they want to rehabilitate. Applications will be accepted for new or existing commercial businesses.
Applications will be accepted on a pipeline basis as long as funds are available. Applications will be then be funded as completed and upon approval by the Board of Commissioners. Once funding has been expended, the remaining applicants will be notified that funding is unavailable until further notice.
The Community Development Revolving Loan and Deferred Loan Funds program is designed so that an applicant receives an amortized loan to be paid back to the Red Wing HRA with a zero-percent interest rate coupled with a zero-percent deferred loan that is forgiven after ten years. The maximum combined amount for the loans is $50,000. The minimum combined amount for the loans is $25,000.
Red Wing HRA staff or its assigned contractor will be available to assist each borrower in the completion of the application package. Contact the HRA at 651-388-7571 to learn more or to obtain an application.