Loan program.
Saint Paul Legislative Code § 75.04
in effectSec. 75.04. - Loan program.
(a) Program established. Pursuant to the authority of MInnesota Statutes, Section 469.184, there is hereby established a comprehensive commercial rehabilitation loan program having city-wide application to provide secured loans to owners of small and medium-sized commercial buildings located within the City of Saint Paul for the purpose of rehabilitation of such buildings. In making program loans, the following factors are to be considered:
(1) The availability and affordability of private mortgage credit;
(2) The availability and affordability of other governmental programs;
(3) Whether the building is required, pursuant to any court order, statute or ordinance, to be repaired, improved or rehabilitated; and
(4) Whether the proposed improvements will result in conformance with buildings and zoning codes and improvements of the aesthetic quality and economic viability and function of existing commercial areas.
(b) Program limitations. The loan program shall be operated within the following statutory limitations:
(1) The terms and conditions of all loans made under the program shall be fixed so that the sum of all repayments of principal and interest on them, not then delinquent, and all fees and charges collected, together with other sums to be contributed by the city, shall, over the duration of the program, be estimated to be equal to or greater than the sum of all estimated costs of the program, as determined by the program administrator and approved by the governing body of the city, including administrative costs, mortgage foreclosure costs, and principal and interest payments on bonds issued to finance the program to the extent not paid from bond proceeds;
(2) No loan shall be made for a period exceeding twenty (20) years;
(3) No loan shall exceed eighty (80) percent of the estimated market value of the property to be rehabilitated upon completion of the rehabilitation, less the principal balance of any prior mortgage existing on the property at the time the loan is made; and
(4) No loan shall be made in excess of two hundred thousand dollars ($200,000.00) for the rehabilitation of any particular small or medium-sized commercial building.
The program regulations provided for in paragraph (c) hereof may apply stricter or additional program limitations to operation and administration of the loan program.
(c) Program regulations. The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (HRA) has prepared, approved and submitted for council consideration and adoption by resolution program regulations, as defined in Section 75.03(3) hereof, contemporaneously with the adoption of the ordinance from which this chapter is derived.
(d) Grant prohibition. The loan program authorized by this chapter shall not be deemed to include the making of grants.
(Ord. No. 17702, § 4, 12-21-89)
Source: City of Saint Paul, Minnesota, City Charter, Legislative Code and Administrative Code (Municode Library, library.municode.com)URL: https://library.municode.com/mn/st._paul/codes/code_of_ordinances?nodeId=PTIILECO_TITIXCIPL_CH75RELOPRSMMEZECOBU_S75.04LOPRFetched: 11/1/2026