Time Still Remains For Flood Victims To Apply For Loans
Although it has been more than six months since flood waters caused extensive damage in the northern end of our listening area and up through Duluth, time still remains for people to apply for flood relief loans. In fact, the deadline to apply for a Quick Start loan for flood victims has been extended.
On Monday, Minnesota state Senator Roger Reinert (DFL-Duluth) sent out a news release, urging local non-profits to continue reaching out to those who need the help.
According the Reinert, the Minnesota Housing Finance Agency reported that as of last week only 234 households of the 2,000 homes significantly damaged by the June flood in Northeast Minnesota received state or federal financial assistance.
The original deadline to apply for state assistance through the Quick Start loan program was December 17.
In August, the Minnesota legislature passed a bill dedicating $12.2 million to Minnesota Housing’s Quick Start loan program.
The loans are no-interest loan of up to $30,000 per household for homeowners. The principal is repaid only if the borrower sells the house or no longer uses it as a primary residence within the 10 year loan period. In addition, there is $10 million in flood hazard mitigation funding for unique situations in which residents’ homes were condemned or destroyed.
Apparently, the problem is that people aren’t asking for help or, perhaps, don’t believe they can take on a loan.
The new deadline to apply for assistance is January 4, 2013.