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Program Summary <br />Page 2 <br />4. The property cannot contain more than two dwelling units. <br />5. The structure, upon completion of necessary improvements, <br />will be reasonably livable, safe, habitable, and energy <br />efficient for the term of the loan. <br />III. Improvement Eligibility <br />The Rehabilitation <br />basic improvements <br />energy efficient. <br />by an inspection <br />Entity. The cost <br />$7,500. <br />Loan Program is designed to provide funds for <br />to make a dwelling more safe, habitable, or <br />The need for such Improvements is determined <br />performed by the staff of an Administering <br />of the necessary Improvements cannot exceed <br />A special Accessibility Fund is available to use for <br />improvements necessary to enable a disabled person to function <br />in a residence. The need for such improvements is determined by <br />an inspection performed by the staff of an Mmtninstering <br />Entity, consideration of the disabled person's priority needs <br />and consultation with the homeowner and MHPA. The cost of <br />accessibility improvements cannot exceed $10,000. <br />All improvements must be permanent improvements. Examples <br />include repair or replacement of furnaces, roofs, electrical <br />plumbing systems, insulation, and construction of ramps <br />accessibility. <br />Iv. Administrative Procedures <br />may <br />and <br />for <br />Based on an MHFA- determined allocation plan, organizations will <br />be requested to apply to administer the program. An amount not <br />exceeding 14% of an entity's allocation may be deducted from the <br />allocation for administrative expenses. <br />The Administering Entity Is responsible for determining the <br />adjusted income, assets, and necessary 1 provements for each <br />applicant. <br />After each loan package 1s assembled, the Administering Entity <br />will submit the package to MHPA for review. Upon approval, RHEA <br />will notify the Administering Entity of approval and supply the <br />documents necessary to close the loan. The Administering Entity <br />w111 close the loan; record the Repayment Agreement and <br />Mortgage; monitor the rehabilitation work; certify, along with <br />the borrower, that the work is completed satisfactorily and <br />authorize contractor payment. <br />Page 66 <br />