SLAYTON – Do you own rental property that needs some updating? Or are you looking to redevelop an unoccupied dwelling? The Murray County EDA has set aside $60,000 for 2023 to assist rental owners and developers.
The Murray County EDA Rental/Redevelop Program will go live January 3, 2023. The program is a first-come, first-served low interest loan to rehabilitate single or multi-family rental or redevelopment homes in Murray County. The unsecured loan will require a 1:1 match of private funds.
Rentals of three or less units are eligible for up to $20,000. Four or more units will be eligible for up to $30,000.
Terms of the loan include a 2 percent interest rate, with payments deferred for 6 months. All loans maturity dates will be 5 years from the date of loan closing. Rental housing must remain as rental for the life of the loan. If the housing is being redeveloped, any outstanding loan must be paid off within one week of the closing date if the home is sold.
Because this program is first-come, first-served, time is of the essence to get your application prepared. Documentation that needs to be submitted with the application includes proof of homeowner’s insurance, one year of rental receipts, proof of matching funds, and quotes, estimates, bill receipts.
Beginning January 3, 2023, completed applications and accompanying documents can be brought to the Murray County EDA office in the Courts Building or mailed to Murray County EDA, 2848 Broadway Avenue, PO Box 57, Slayton, MN 56172.
A complete copy of guidelines and the application can be found on the Murray County website under EDA. For more information, contact EDA Coordinator Justine Wettschreck at 507836-6023 or email jwettschreck@
