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-2- <br />Metro HRA also assists in the packaging of the rehabilitation <br />loans. The loans to property owners are insured under the FHA <br />Title I Property Improvement program and processed through the <br />First Bank of St. Paul. The interest rate on MHFA's financing <br />of the loans is 11 percent and the maximum loan term is 15 years. <br />Program Requirements <br />The following are requirements for owner participation in the <br />Rental Rehabilitation Loan Program: <br />a) The property to be rehabilitated must be owned by the applicant <br />and used for residential purposes <br />b) Units must be leased to low- and moderate - income households <br />c) Owners must certify that tenants will not be displaced during <br />or after rehabilitation <br />d) FHA Title I loan maximum amounts are $7,500 per multi - family <br />unit not to exceed $37,500 per structure, and $15,000 per <br />single - family structure <br />e) All buildings rehabilitated must be brought into compliance <br />with State Energy Conservation Standards <br />f) Structures less than 15 years old are eligible only for <br />energy compliance improvements <br />g) Structures more than 15 years old are also eligible for <br />permanent general improvements <br />Eligible Improvements <br />a) Energy Conservation Standards <br />- Caulking, weatherstripping <br />- Storm door and window installation <br />- Fireplace and stove positive shutoffs <br />- Insulation in accessible attics, walls and rim joists <br />b) General rehabilitation <br />- Structural additions, alterations <br />- Exterior, interior finishing <br />- Roofing repair or replacement <br />- Plumbing installation or replacement <br />- Heating and ventilating <br />- Electrical wiring <br />c) Accessibility improvements <br />- Ramp construction <br />- Handrail, grab bar installation <br />- Other <br />a6 <br />