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4/26/2016 <br />Little Canada <br />Ramsey County Deferred Loan <br />GMHC I Minneapolis, MN <br />ATTACHMENT #2 <br />Download information as PDF <br />This no interest loan is for owner -occupied, single family properties in suburban Ramsey County. Maximum <br />loan is $15,000 for home improvements necessary to meet minimum housing quality standards. Eligible <br />properties must be at least 15 years old and meetthe estimated market value limit of $251,750. Condominium <br />and townhomes are eligible for interior repairs only. The loan is divided into two tiers. <br />Tier One — Low Income Households. These are households with a gross annual income at or below 50% of the <br />Area Median Income. The loan is forgiven at a rate of 10% per year for 10 years. The loan is completely <br />forgiven if the home is not sold and title is not transferred for 10 years after receiving the loan. <br />Tier Two — Moderate Income Households: These are households with a gross annual income between 50% <br />and?Section 8 limit?of the Area Median Income, Repayment of the entire loan is deferred until the house sold. <br />title is transferred or in some cases the mortgage is refinanced. <br />Minnesota Housing Fix Up Loan <br />The HousingResource Centers offer low interest loans including the Minnesota Housing Fix Up?Loan. This is a <br />home improvement loan for up to $50.000 at a fixed interest rate. The loan term may be up to 20 years. These <br />loans can be used to repair, remodel or keep your home warm?and save money too! Contact the <br />HousingResource Center for the current interest rate and income limits.? Ask about new Fix Up Loan?features <br />that include unsecured loans up to $15,000 with no equity requirement. and loans at a reduced interest rate <br />when used exclusively for basic energy-saving or accessibility improvements maximum loan $15,000. <br />Minnesota Housing Rehabilitation Loan <br />This is a no -interest deferred loan for very low-income homeowners. Gross household income cannot exceed <br />30% ofthe area median income, The maximum loan amount is $27.000 to make improvements that directly <br />affectthe safety, livability or energy efficiency ofthe home. Eligible properties include single-family detached <br />homes, duplexes, condominiums, townhomes and mobile homes taxed as personal property. The loan is <br />forgiven if the homeowner lives in the home for 15 years after the loan is incurred (10 years for mobile homes). <br />Minnesota Housing Emergencv Loan <br />This is a no -interest deferred loan for very low-income homeowners to finance repairs that address emergency <br />conditions that are an immediate threat to health or safety. Essential accessibility improvements for a disabled <br />resident are also eligible. Eligible properties include single-family detached homes. duplexes, condominiums, <br />townhomes and certain mobile homes. Gross household income cannot exceed 3001 ofthe area median <br />income. The maximum loan amount is $15,000. The loan is forgiven if the ownerlives in the home for 15 years <br />after the loan is incurred (10 years for a mobile home). <br />For more information contact the HousingResource Center? North & East Metro <br />1170 Lepak Court <br />Shoreview, MN 55126 <br />Phone. (651) 486-7401 <br />5 <br />http://www.gmhchousing.org/1543-2 <br />ilfl <br />