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City of Mounds View-Home Improvement Loan Program <br /> Page 3 <br /> 1. A property that has been occupied as a year-round permanent residence for at least <br /> five continuous years; or <br /> 2. A single-unit Property that has been occupied for at least 90 days by the Borrower <br /> or previous tenants, and had in place all of the following permanent items at least 90 <br /> days prior to the date of Credit Application: <br /> a. Foundation <br /> b. Completed utility connections, including water, electric and sanitary <br /> facilities. <br /> c. Whole house heating system. <br /> d. Electrical wiring to all rooms of the house. <br /> e. Finished exterior including, but not limited to, siding, windows, doors, <br /> roofing, and basic landscaping. <br /> f. At least one bathroom with a sink, toilet, and bathtub or shower. <br /> g. A kitchen, with sink. <br /> h. Standard plumbing to the bathroom and kitchen. <br /> I. An interior that is finished in a manner common to the locality for properties <br /> of the same general type as the Property to be improved. <br /> Multi-Unit Properties <br /> • For all properties which now contain or will contain upon completion of improvements, more than <br /> one dwelling unit: <br /> 1. The property must contain no more than four(4) dwelling units. <br /> 2. The borrower must occupy one of the dwelling units as Borrower's principal place <br /> of residence. <br /> 3. The borrower shall enter into an Occupancy Agreement providing for occupancy of <br /> some of the rental units by tenants who are persons or families of low or moderate <br /> income. <br /> Manufactured or Factory-Made Houses <br /> A manufactured or factory-made dwelling unit is eligible to be improved with a loan only if the <br /> following requirements are met: <br /> 1. The dwelling unit has been placed on property owned by the borrower or being <br /> purchased under a real-estate contract. <br /> 2. The wheels of the dwelling unit have been removed and the dwelling unit has been <br /> placed on a permanent foundation. <br /> 3. The security for the loan to purchase the dwelling unit is in the form of a mortgage <br /> covering the property. <br /> 4. All utility connections including water and sanitary facilities are operable so that the <br /> 11, <br /> dwelling unit is complete and habitable. <br /> 5. The dwelling unit is carried on the tax rolls of Ramsey County as real property. <br /> 6. The property to be improved meets all other eligibility standards set forth in this <br /> policy. <br />