City of Preston Housing Resources
- City of Preston Housing Needs Assessment 2018 – 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
- Preston Small Cities Development Program for Rental Properties– 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 Cathy Enerson 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. - Download the Preston New Construction Housing Incentive
- Download the Preston Significant Rehab Construction Incentive
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. You can also use Step Up to refinance your current home at an affordable, fixed rate.
- Affordable, fixed interest rates for the life of the loan
- As little as 3% down with our exclusive conventional loans
- Downpayment and closing cost loans up to $15,000 – a unique option for refinancing
- Low or no mortgage insurance options for lower monthly payments
- You may be eligible if you:
- Meet income limits
- Meet purchase price limits: 11-County Metro: $328,200
- Balance of State: $271,100
- Meet minimum credit score requirements
Contact an approved lender partner to get started
Don’t let a down payment stand in your way of buying a home.
- When you get a Minnesota Housing mortgage, you can also receive an optional downpayment and closing cost loan up to $15,000.
- Down Payment and closing cost loans are only available when you get a Minnesota Housing first mortgage loan and additional eligibility requirements may apply, including income limits.
Contact an approved lender partner to get started.
The Monthly Payment Loan can be used with the Start Up or Step Up program.
- Loans up to $15,000
- Interest rate is equal to your first mortgage rate
- Monthly payments over a 10-year loan term
See how the Monthly Payment Loan can work for your budget.
The Deferred Payment Loan can be used with the Start Up program and is only for first-time home buyers. There are two options:
- Deferred Payment Loan: Loans up to $8,000
- Deferred Payment Loan Plus: Loans up to $10,000 for borrowers who meet targeting criteria.
There is no interest or monthly payments, and the loan term is equal to your first mortgage term. You must repay the loan when you move, sell, refinance (unless your refinance with our Step Up program) or pay off your first mortgage.
Learn how to start your path to Home Ownership.
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).
Ready to purchase your first home? The Minnesota Housing Start Up loan program can make home ownership fit your budget.
- Affordable, fixed interest rates for the life of the loan
- As little as 3% down with our exclusive conventional loans
- Down payment and closing cost loans up to $15,000
- Low or no mortgage insurance options for lower monthly payments
- You may be eligible if you:
- Are a first-time home buyer (you have not owned a home in the past three years)
- Meet income limits
- Meet purchase price limits:
- 11-County Metro: $328,200
- Balance of State: $271,100
- Meet minimum credit score requirements
Contact an approved lender partner to get started.
in the state of Minnesota.
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:
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.traditionsofprestonmn.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 - Preston State Veterans Home
Follow the Minnesota Department of Veterans Affair at mn.gov/mdva. The Department will inform the public about all three of the proposed State Veterans Homes. Follow information about the Federal Application – Construction – Operations & Hiring. Over time information be released via the MDVA website. - USDA Housing Programs
- Single Family Housing Repair Loans and Grants
Provides 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.
