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12-12-2011 EDA Meeting <br />Item 7B – Home Improvement Loan Program <br />Page 2 of 2 <br /> <br />By increasing the EDA’s loan-to-value criteria to 110%, more Mounds View residents will <br />qualify for loans. Changing the loan-to-value criteria does not change whether loan <br />applicants are able to pay back their loans, which is why staff is not suggesting a change to <br />the debt-to-income criteria of 50%. <br /> <br />Recommendation <br />Staff recommends that the EDA amend the Home Improvement Loan Program’s loan-to- <br />value criteria to 110% and that the EDA extend the Home Improvement Loan Program <br />through 2012. <br /> <br />Respectfully submitted, <br /> <br /> <br />____________________________ <br />Heidi Steinmetz, Economic Development Specialist <br /> <br /> <br /> <br />Attachment: Mounds View Home Improvement Loan Program Criteria <br /> <br />