Agenda Packets - 2017/11/06 - Laserfiche WebLink

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Borrower Fees: Borrower will be responsible for a 1% origination Fee, mortgage filing and service fees, flood certificate and credit report fees all which may be financed in the loan amount. Underwriting Decision: Applicants must have acceptable credit history. CEE will approve or deny loans based on a credit report, income verification and other criteria as deemed necessary through CEE's underwriting guidelines. CEE's decision shall be final. Appeals can be made to the City of Mounds View. Work Completion: All work must be completed within 120 days of the loan closing. However, when warranted, CEE may authorize exceptions on a case by case basis. Loan Security: All NRP loans will be secured with a mortgage in favor of the City of Mounds View The intent of the Mounds View Emergency Repair Deferred Loan Program is to provide assistance to property owners in the Nokomis East community who face emergency home repairs and cannot qualify for other housing related programs to remedy the situation. Interest Rate: 0% Loan Amount: Minimum loan is $1,000. Maximum loan is $5,000 within any time period. Total Project Cost: It is the borrower's responsibility to obtain the amount of funds necessary to finance the entire cost of the work. In the event the final cost exceeds the original loan amount, the borrower is responsible to provide proof of having funds to pay for the remaining portion. Loan term: Loan will be deferred until the borrower sells or transfers title of the property, at which time 100% of the loan is due. Eligible Properties: Owner -occupied properties with up to 4 dwelling units located within the boundaries of the City of Mounds View. Condos and townhomes are eligible. Ineligible Properties: Dwellings that are more than 4 units (these would be considered apartment and hence commercial properties), co-ops, manufactured homes, time shares, and properties used for commercial purposes. Eligible Borrowers: Owners of 1-4 unit properties within the City of Mounds View who meet the program guideline criteria. The borrower must not be eligible for any other financing administered by CEE in order to obtain an Emergency Program loan. Ineligible Borrowers: Include but are not limited to: nonresident owners, non -occupant co -borrowers, properties held in the name of a trust. Ownership / Occupancy: Only owner -occupied. Contract for Deeds are eligible. Exhibit A Page 4 Agreement between the City of Mounds View and Center for Energy and Environment