Housing – Live in Preston

City of Preston Housing Resources

• City of Preston Housing Needs Assessment 2018 – Download
• Fillmore County Housing Study 2019 – Download 
• City of Preston Economic Development Authority – Learn More
• City of Preston Planning and Zoning Department – Learn More

Preston Rental Information

• Rental Units in Preston – Learn More

Remember to layer and use more than one tool to assist you in the home buying process.

• Preston’s  Housing Incentives
  The Preston Economic Development Authority facilitates a City Housing Incentive to promote new construction, the purchase of existing homes and the rehabilitation of existing properties. If you would like to build new, purchase an existing home as a new resident to Preston or rehab your current home, contact Gabby Kinneberg at 507-765-2153 for more details. The incentive may include energy savings, free utilities, Preston Bucks, golf club memberships, Preston pool passes and permit fee reductions.
• Click Here for the 2022 New Construction Housing Incentive Application (3 available in 2022) 
• Click Here for the 2022 Significant Rehab Construction Incentive Application (2 available in 2022)

Minnesota Housing Programs – Minnesota Housing is a trusted state agency that works with local lenders to ensure all Minnesotans have access to safe and affordable housing. In 2018, we helped more than 4,600 families across the state purchase and refinance homes.

You don’t need to be a first-time home buyer to take advantage of our affordable loans. The Step Up program has a purchase loan if you’re a current homeowner (or owned within the last three years) and want to buy a different home.

• Affordable interest rates
• Downpayment and closing cost assistance loan for eligible borrowers
• Income limits up to $156,800
• Purchase price/refinance loan amount must fall under the following limits:

Contact an approved lender partner to get started

Don’t let a down payment stand in your way of buying a home.

• For eligibility requirements, click on the Downpayment and Closing Cost Loan Comparison Chart .
  • Monthly Payment Loan:
    • Available with Start or Step Up
    • Up to $17,000
    • Fully amortized over 10 years
    • Interest rate equal to first mortgage rate
    • Additional eligibility requirements apply.
  • Deferred Payment Loans:
    • Available with Start Up only
    • Up to $11,000 with Deferred Payment Loan or $15,000 with Deferred Payment Loan Plus
    • Interest-free deferred loan for length of first mortgage term
    • Repayment of the full loan balance is required (a balloon payment) when:
      • The borrower moves
      • The home is sold
      • The first mortgage loan is refinanced (unless refinancing with our Step Up Program)
      • The first mortgage loan is paid off (prior to or at the end of the loan term)
    • Additional eligibility requirements apply.

Contact an approved lender partner to get started.

We have lenders around the state, ready to help you! Fix Up works for a variety of projects and incomes, in homes all around the state.

Find a Fix Up Lender near you to get started today. Dream it. Do it. We’ll help you afford it.

Hassle-free home improvement loans from the Minnesota Housing Fix Up Loan Program

• Affordable, fixed interest rates with lower interest rate for energy conservation and accessibility improvements
• Secured and unsecured loan options
• Higher loan-to-value ratio on secured loans than traditional loan products
• Longer repayment terms for lower monthly payments
• Hire a contractor or do the work yourself
• No prepayment penalty

What projects are eligible?

• Single family homes, duplexes, triplexes and four-plexes are eligible. You must own and occupy the property to be improved.
• Repair, remodel and make energy saving improvements including:
  • Porches and decks
  • Remodel a bathroom or kitchen
  • Add a bathroom or finish basement
  • Furnace or boiler and air conditioning*
  • Windows* and doors
  • Insulation,* attic air sealing*
  • Water heater*
  • Siding and roofing
  • Septic system upgrades
  • Mold and radon mitigation
  • Accessibility improvements*
  • Basic garage, if none exists
  • See full lists of eligible projects for secured and unsecured Fix Up loans and for energy and accessibility improvements.
  • *Choose Energy Star windows, furnace, air conditioner and/or water heater; insulation and air sealing; and/or basic accessibility improvements and you may be eligible for a lower interest rate.

How do I get started?

• Find a participating lender near you
• Obtain contractor bids or detailed materials estimate from a building supplier for work you will perform
• Your lender will work with you to complete the loan application, loan closing and funding

*This project was made possible by a grant from the U.S. Department of Energy and the Minnesota Department of Commerce through the American Recovery and Reinvestment Act of 2009 (ARRA).

This program was created by the state legislature as a funding mechanism for renewable energy and energy efficiency upgrades for businesses and non-profits. Fillmore County passed a joint powers agreement with the St. Paul Port Authority making this program available to Preston businesses.

The process generally starts with an energy use assessment. These can be any of the energy efficiency options available through Preston Public Utilities, or some other no-cost options available throughout the state.

Here are a couple of links to learn more about the program, and read about some examples of its use in the region:

• www.cleanenergyresourceteams.org/pace

Single Family Housing Repair Loans and Grants provide funds to elderly and very-low-income homeowners to remove health and safety hazards, perform necessary repairs, improve or modernize a home, make homes accessible for people with disabilities, or make homes more energy efficient so these very-low-income families use less of their income on utility bills.

• Age 62 or above grant program
• Purchasing a home
• Home rehabilitation, income qualified

Single Family Housing USDA Links

• USDA Single Family housing grants and loans
• Single Family Housing Direct Home Loans
• Single Family Housing Home Loan Guarantees
• Mutual Self-Help Housing Technical Assistance Grants
• Rural Housing Site Loans

• Traditions of Preston – Assisted living facility
  515 Washington St NW
  507-765-3837
  www.traditionsliving.com
• Park Lane Estates Assisted Living – Assisted living facility
  410 Park Ln St
  507-765-9986
  goldenhorizons.org
• Good Samaritan Society – Home Care (Southeast Minnesota) – Home health care service
  200 St Paul St SW
  507-765-2700
  www.good-sam.com
• SEMCAC Contact Center – Social services organization
  515 Washington St NW
  507-765-2761
  www.semcac.org
• State Veterans Home – Preston
  Follow the Minnesota Department of Veterans Affair at mn.gov/mdva. This skilled nursing facility is set to open in mid-2023.