New Construction Information
This program provides a deferred loan (maximum of $5,000) to any household that buys or builds a newly constructed single-family home, townhouse, or condo in East Grand Forks.
- Eligibility - All households (East Grand Forks and non-East Grand Forks) are eligible.
- Qualifications - There is no limit on the price of the new home, townhouse, or condo.
- Income Limits - There are no household income limits. However, non-East Grand Forks households will be required to document the amount of their annual household income.
The deferred loan maximum of $5,000 is forgiven after 10 years unless the applicant sells, transfers, or ceases to live in the property during the 10-year period of the agreement. If these requirements are not met, full repayment of the principal is required. Deferred loans are without interest.
Required Information / Documentation
- Loan approval documentation, if applicable
- Purchase agreement for a new home, townhouse, or condo or an agreement with a contractor to build a new home, townhouse, or condo
For more information, please call the EDA Office at (218) 773-8939, or you may print off a copy of the New Construction Opportunities Program