07-27-1998 EDA - Laserfiche WebLink

Home Browse Search

City of Mounds View-Home Improvement Loan Program Page 8411 9. Loan proceeds will be disbursed by having checks issued to the applicant and contractor. 10. The city will offer a remodeling counselor for any property owner desiring assistance in evaluating and prioritizing improvements to their property. Remodeling counselors will also be available to assist property owners in evaluating bids. Fees for these services will be paid by the City of Mounds View and payment administrated by the lender. 11. Sweat equity projects are permitted. However, labor is not eligible for compensation. Sweat equity refers to an arrangement where the property owner(not a contractor) performs the home improvement. 12. Funds must first be used to abate any outstanding orders or code violations from the City of Mounds View. Eligibility Requirements Owner-Occupied/Permanent Residence All owner occupied residential properties having 1-4 units located within the City of Mounds View. The property shall be occupied year round as a permanent residence and shall be occupied by the borrower as their principal place of residence within 60 days of the date of loan closing. A residence is not eligible if now used, or can reasonably be expected to be used, as a recreational home. No eligibility requirements for household income or age of housing will be required for this program. 1111 Business Use of Home If 49% or less of the square footage of a property, including any basement areas, is now regularly and exclusively used in trade or business (or can reasonably be expected to be so used)then the property is eligible. Improvements must be made to the residential portion of the property only. Completed Property Properties must be completed. A completed property is either: 1. A property that has been occupied as a year-round permanent residence for at least five continuous years; or 2. A single-unit property that has been occupied for at least 90 days by the borrower or previous tenants, and had in place all of the following permanent items at least 90 days prior to the date of credit application: a. Foundation b. Completed utility connections, including water, electric and sanitary facilities. c. Whole house heating system. d. Electrical wiring to all rooms of the house. e. Finished exterior including, but not limited to, siding, windows, doors, roofing, and basic landscaping. f. At least one bathroom with a sink, toilet, and bathtub or shower. ilk g. A kitchen, with a sink. h. Standard plumbing to the bathroom and kitchen.