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Underwriting Decision: Applicants must have acceptable credit history. CEE will approve or deny loans <br />based on a credit report, income verification and other criteria as deemed necessary through CEE's <br />underwriting guidelines. CEE's decision shall be final. Appeals can be made to the City of Mounds View. <br />Work Completion: All work must be completed within 120 days of the loan closing. However, when <br />warranted, CEE may authorize exceptions on a case by case basis. <br />Loan Security: All loans will be secured with a lien on the title in favor of the City of Mounds View EDA <br />The Intent of the Mounds View Emergency Repair Deferred Loan Program is to provide assistance to <br />property owners in the City of Mounds View who face emergency home repairs and cannot qualify for <br />other housing related programs to remedy the situation. <br />Interest Rate: 0% <br />Loan Amount: Minimum loan is $1,000. Maximum loan is $5,000 within any time period. <br />Loan term: Loan will be deferred until the borrower sells or transfers title of the property, at which time <br />100% of the loan is due. <br />Eligible Properties: Owner -occupied properties with up to 4 dwelling units located within the <br />boundaries of the City of Mounds View. Condominiums, mobile homes and townhomes are eligible. <br />Ineligible Properties: Dwellings that are more than 4 units (these would be considered apartment and <br />hence commercial properties), cooperatives, time shares, and properties used for commercial purposes. <br />Eligible Borrowers: Owners of 1-4 unit properties within the City of Mounds View who meet the <br />program guideline criteria. The borrower must not be eligible for any other financing administered by <br />CEE in order to obtain an Emergency Program loan. <br />Ineligible Borrowers: Include but are not limited to: nonresident owners, non -occupant co -borrowers, <br />properties held in the name of a trust. <br />Ownership / Occupancy: Only owner -occupied. Contract for Deeds are eligible. <br />Loan- to -Value Ratio: Not applicable <br />Income Limit: Household income must be less than 80% of HUD Area Median Income based on <br />projected income over the next year. <br />Debt -to -Income Ratio: Notapplicable <br />Exhibit A Page 6 <br />Agreement between the City of Mounds View and Centerfor Energy and Environment <br />