Need to fund some home repairs? Check out this City of Sioux Falls no interest loan program

Your Money Matters

It’s officially spring, which means many people are getting ready for some spring cleaning and repairs to their home.

In Sioux Falls, many homeowners are eligible to apply for a special no-interest loan to help fund some essential repairs through the city’s Single Family Rehabilitation Program.

“The siding makes just a world of difference; when you look at the house it just looks brand new,” Sioux Falls homeowner dejae Mikkelsen said. 

dejae Mikkelsen has lived in his central Sioux Falls home for nearly 15 years, making repairs himself over the years with a long list of things that still needed to be addressed.

“Money was the biggest factor in not being able to make all of the repairs myself. The trigger to start was when something finally broke and I didn’t have the money for it,” Mikkelsen said. 

But a flyer with his water bill led him to the city’s Single-Family Rehabilitation program.

“It was the best option,” Mikkelsen said. “No interest, no payments. When you qualify the process is easy.”

“When one homeowner remodels or fixes up their home, the entire city wins, especially that block,” Seth Peterson, a Housing Specialist with the City of Sioux Falls said. 

The zero interest, differed loan program has helped hundreds of homeowners in Sioux Falls for the past 25 years.

“They do not have to ever make a payment until the home sells. So when the home sells or transfers title, that’s when we would get the original funding back. With that, when we get that funding back and we get to invest it into another homeowner then,” Peterson said. 

Anyone who’s at 80 percent of the median income or below is eligible to apply for up to a $25,000 loan to make emergency or necessary home repairs, no matter their credit history.

“Replacing roofs, replacing windows, siding, things like that that keep homes safe and sanitary,” Peterson said. 

“All the siding is new, they actually had to replace all the window frames, they were crusty, decrepit frames, this has actually been raised about a foot and a half, all of the foundation around the entire perimeter of the house,” Mikkelson said, pointing out the repairs he’s been able to make through the Single-Family Rehabilitation program. 

Repairs that have taken away a lot of stress for Mikkelsen while adding a great sense of pride in his forever home.

“I used to feel a little dread when I’d drive up to my house,” Mikkelsen said. “But now it’s a very different story. I love driving up to my house because it’s one of the nicest looking houses on the block.”

Applications are accepted any time of the year. On average, the city helps fund repairs for 40 to 75 homes through the program every year. 

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