Laserfiche WebLink
Guidelines` <br />CDI}G Funds available at 3% annual simple interest <br />- 10 year term, no penalty for prepayment <br />- Minimum loan amount $500: Maximum loan amount <br />$50O() <br />- Applicant households adjusted gross income not to <br />exceed $24,000 <br />- Applicant must meet 40% debt to income ratio and <br />have an acceptable credit history <br />- No security required <br />MHFA Funds available at 3% to 11% dependant on household <br />income <br />- 15 year term, no penalty for prepayment <br />- Maximum loan amount $15,000 <br />- Applicant household adjusted gross income not to <br />exceed $24,000 <br />- Applicant must meet 4.0% debt to income ratio and <br />hava acceptable credit history <br />- Security required on loans greater than $2500 <br />B. Tier Two <br />Deferred loan program; for energy conservation improvements <br />Funding: $92,000 CDBG funds (40% of available CDDG excluding <br />administrative expenses) <br />Description: <br />This tier provides funding for applicants who do not qualify <br />under the CDBG or MHFA installment loan programs. Households <br />with high energy use, the inability to meet a 10% debt to income <br />ratio, and/or poor credit history would be eligible for a five <br />year deferred loan. The loan does not have to be repaid unless <br />the property is sold within five years from the date of the loan" <br />Guide) ines� <br />- Five year deferred note <br />- Zero interest, principal only due upon <br />transfer of property within five year deferral <br />period <br />- Minimum loan amount $500; Maximum loan amount $5000 <br />- Applicant household adjusted gross income not to <br />exceed $24,000 <br />- Applicant cannot qualify for COBB or MHFA <br />installment loan programs (e.g., poor credit <br />history, debt to income ratio exceeds 40%, etc.) <br />FyA}vAism <br />A financial evaluation would be • available through an annual <br />financial audit. Evaluation of program results would be through <br />3 <br />