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<br /> <br /> <br />Page 3 of 6 <br /> <br /> <br />Option 3 − Code Enforcement Loan <br />The purpose of this loan is to provide loans for owner-occupied single-family or duplex <br />properties in Mounds View that have been required by the City of Mounds View to bring their <br />properties into compliance with the City Code. <br /> <br />Loan Amount From $1,000 to $7,000 <br />Loan Security All loans will be secured by a mortgage in favor of the City. The loan may be <br />secured in a subordinate lien position behind the borrower’s existing prime/A- <br />rated fixed rate mortgage. <br />Interest Rate The interest rate is 0%. The monthly payment is fixed. <br />Loan Term The maximum loan term is 15 years. The loan is due upon sale, transfer of <br />title, refinance or if the property ceases to be owner-occupied. <br />Loan to Value The borrower’s combined mortgage debt including the Mounds View loan <br />cannot exceed 100% of the property value based on the taxable market value <br />as determined by Ramsey County for the current year. Applicants may also <br />submit a third party appraisal that has been completed within the last 6 months. <br /> Such an appraisal is to be obtained by the applicant at their expense. <br />Debt to Income 50% <br />Income Limit The applicant’s total gross annual household income shall not exceed 80% of <br />the current area median household income as defined by HUD per household <br />size, as follows: <br /> Household Size Income Limit <br />1 $45,100 <br />2 $51,550 <br />3 $58,000 <br />4 $64,400 <br />5 $69,600 <br />6 $74,750 <br />7 $79,900 <br />8 $85,050 <br /> <br />Eligible Properties Mounds View owner-occupied single-family or duplex properties <br />Eligible Repairs Exterior repairs required by Mounds View’s Code Enforcement Officer such as: <br /> Exterior painting <br /> Rafters, soffit and fascia repair <br /> Window glass and screens <br /> Railings and stairs <br /> Landings and porches <br />Interior repairs are allowed only if they are related to life safety of the residents <br />and required by Mounds View’s Code Enforcement Officer. This may include a <br />structural failure of the foundation, walls, or roof that could cause collapse. <br />Ineligible <br />Improvements <br /> Exterior repairs to condos and townhomes <br /> Any repairs to mobile homes <br /> Driveways, sidewalks and paved areas <br /> “Junk” or debris removal, removal of inoperable vehicles, etc. <br />Contractor Bids Applicants must provide the Housing Resource Center’s Construction Manager <br />with two bids for each improvement project. All contractors must be licensed <br />and insured. <br />Other Code Enforcement Loan applicants may also apply for the General Home <br />Repair Loan not to exceed a total loan amount of $15,000.