Rochester, MN (KROC-AM News) - Area residential property owners who were affected by flooding this past summer are being advised they may be eligible for special loans to deal with the damage.

The loans from the Minnesota Disaster Recovery Loan Program are being offered to qualified residents in Dodge, Goodhue, Mower, Olmsted, Rice, and Steele counties.

The program provides forgivable, no-interest loans up to $15,000 for damaged single-family homes and 1-4 unit rental properties. It helps to fill gaps between what homeowners received from insurance and SBA funds, and what it will cost to return the home to pre-disaster condition. There are no income limits for the Disaster Recovery Loan Program.

Homeowners must first apply for and accept all insurance and SBA funds before applying for the Disaster Recovery Loan Program. The deadline to apply for SBA funds is September 30, 2019.

Homeowners can contact the program administrator to apply for the Disaster Recovery Loan Program by November 30, 2019:

SEMCAC
204 Elm Street
Rushford, MN 55971-0549
Call Cindy at 507-864-8207
Call Amber at 507-634-4350

“The Disaster Recovery Loan Program is a critical resource for people who experienced damage from this year’s floods,” said Minnesota Housing Commissioner Jennifer Ho. “I encourage property owners in affected areas to contact our administrator to learn more.”

News Update: Thursday will be a big day for those involved in Rochester’s DMC initiative.