Resolution No. 2023-03, Increasing Interest Rate on Non-Deferred Home Improvement Loans
Resolution No. 2023 - 03
Increasing Interest Rate on Non-Deferred Home Improvement Loans
Whereas, the Fridley Housing and Redevelopment Authority (Authority), has provided Home
Improvement Loans with interest since 1994, and;
Whereas, the Authority has monitored and adjusted the interest rate charged to reflect current
market conditions, and;
Whereas, the current rate is well below the rates being charged by both the Minnesota Housing
Finance Agency and commercial lenders.
Now, therefore be it resolved, that, effective March 1, 2023, the interest rate charged on the
Authority’s non-deferred Home Improvement Loans shall be 4%.
Passed and adopted by the Housing and Redevelopment Authority in and for the City of
nd
Fridley this 2 day of February, 2023.
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Elizabeth Showalter – Chairperson
Attest:
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Walter T. Wysopal – Executive Director