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MOUNDS VIEW LOAN PROGRAM GUIDELINES <br />The City of Mounds View is making funds available for homeowners to make improvements to their <br />properties. The Mounds View Loan Program is designed to supplement existing loan programs available <br />from MHFA, CEE, private lenders and other housing resources. This program is not intended to be the <br />sole source of improvement funds available to the City. Center for Energy and Environment shall serve <br />as the administrator for the Mounds View Loan Program and will secure the most beneficial financing <br />based on the borrower's needs independent of the funding source. <br />Interest Rate: 4% fixed <br />Amortization Type: Amortizing. Closed-end (Monthly Payments Required) <br />Loan Amount: Minimum of $2,000 and Maximum of $15,000. <br />Total Proiect Cost: The borrower must have sufficient funds necessary to cover the cost of the entire <br />project (as outlined in the bid(s). Additional funds may come from the applicants personal savings, gifts, <br />or other NON Roseville EDA loans. <br />Loan term: Generally, one year per $1,000 borrowed. This will be somewhat flexible depending on the <br />size of the loan and the borrower's ability to repay the loan. The minimum term is 1 year; the maximum <br />term will be 10 years. <br />Eligible Properties: 1-4 unit owner -occupied properties located within the geographical boundaries of <br />the City of Mounds View. Townhomes and Condominiums are eligible (interior improvements only). <br />Ineligible Properties: Dwellings with more than four units, cooperatives, manufactured homes, time <br />shares, properties held in the name of a trust and properties used for commercial purposes. <br />Eligible Borrowers: All borrowers must be legal residents of the United States, as evidenced by a social <br />security number, Including: U.S. Citizens, Permanent Resident Aliens, Non -Permanent Resident Aliens. <br />TAX IDENTIFICATION NUMBERS (ITIN) ARE NOT ACCEPTABLE. <br />Ineligible Borrowers: Including but not limited to: - Foreign Nationals, Non -Occupant Co -Borrowers, <br />and Properties held in the name of a trust. <br />Ownership/Occupancy: Owner- occupied only. <br />Exhibit A Page 2 <br />Agreement between the City of Mounds View and Center for Energy and Environment <br />