Agenda Packets - 2017/11/06 - Laserfiche WebLink

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Underwriting Decision: CEE will review the application and submitted documentation for consideration for other home improvement programs prior to considering the application for the Emergency Repair Loan Program. CEE will approve or deny loans based on income verification and other criteria. This is a last resort program. The borrower must not be eligible for any other financing administered by CEE in order to obtain an Emergency Repair Deferred loan. CEE's decision shall be final. Loan Security: All NRP loans will be secured with a mortgage in favor of the City of Mounds View. General Program Conditions Application Processing: Loans will be distributed on a first come first serve basis as borrowers qualify. Applicants must provide a completed application package including the following in order to be considered for funding. ➢ Completed and signed application form ➢ Proof of income ➢ Bids or estimates for proposed projects ➢ Other miscellaneous documents loan officers may require. Contractors/Permits: Contractors must be properly licensed to work in the City of Mounds View. Permits must be obtained when required by city ordinance. Program Costs: Loan origination, post installation inspection and remodeling advisor visit fees will be paid out of the Program Budget. Loan program marketing efforts will be billed directly to the City of Mounds View and is a separate expense should the City of Mounds View choose to commission CEE for marketing support. Borrowers will pay all mortgage filing fees and related closing costs. 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 must obtain the additional funds and show verification of the additional funds in order to be approved for the loan. Disbursement Process: Payment to the contractor (or owner in sweat equity situations) will be made upon completion of work. An inspection will be performed by a City Inspector and/or CEE to verify the completion of the work. The following items must be received prior to final disbursement of funds: • Final invoice or proposal from contractor (or materials list from supplier); • Final inspection verification by a City Inspector (or CEE); • Completion certificate(s) signed by borrower and contractor; • Lien waiver for entire cost of work; • Evidence of city permit (if required) Exhibit A Page 6 Agreement between the City of Mounds View and Center for Energy and Environment