05-11-2004 Council Agenda - Laserfiche WebLink

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RESOURCES FOR HOUSING REHABILITATION These are the primary sources of funds for rehab in suburban Ramsey County. This does not include bank programs, etc. When these funds are offered through programs like the County programs, there is technical assistance available to homeowners. Otherwise, it's just money. Ramsey County Owner Occupied Rehab Program Deferred loans (max. $15,000) available to households below 50% of area median. (HH 2= $30,7000) This program is administered by the Housing Resource Center. Any eligible resident of suburban Ramsey may participate. Ramsey County Energy Efficiency Rehab Program This is a deferred loan program Lmax. $5,000) for income eligible owner occupants who need to make energy efficiency improvements to their homes. It is administered through the Environment and Energy Resource Center. MHFA Home Improvement Loan Programs The Minnesota Housing Finance Agency offers several programs, usually underwritten through local banks or nonprofit agencies: Fix-Up Fund Loans For owner /occupied homes, income less than $88,000, single family home, duplex, or quad. Maximum loan amount is $25,000 with a below market interest rate. Most improvements to the livability, accessibility, or energy efficiency of a home are eligible. Mobile homes are not eligible to receive home improvement financing unless they are fixed on a permanent foundation and taxed as real property. Rehab Loan Program Rehab for owner occupied homes with a maximum income of 518,000; assets must not exceed $25,000. The maximum loan amount is $15,000 with a 30• year term with loan payment deferred until the borrower sells, transfers title, no longer lives in the property or at the end of 30 years. Single-family homes, duplexes and manufactured housing taxed as real or personal property are eligible for this program Community Fix Up Fund These are rehab loan funds for low to moderate -in ana.e hnn,eowners. Funds for suburban Ramsey are underwritten by the Environment and Energy Resource Center. Interest rates are based on the income of the household and the targeting criteria of the participating community. The EERC /Community Fix Up Fund is target to sub prime borrowers, that is borrowers with less than perfect credit. The maximum loan amount is $35,000 with a maximum loan term of 20 years. Loans over $5,000 must be secured with a mortgage. Loans are not assumable and are due upon sale of the property. Properties must be owner-occupied, one-to-four units, and taxed as real property.