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Staff Memo - Proposed Loan Program • March 16, 1998 Page 2 that require code compliance. Home Energy Loan Qualifying applicants must be owner occupants of a single family home. There are no income limitations to be eligible for a home energy loan. A qualifying homeowner may borrow between $1,000 and $5,000 at an APR of 8% for a term not to exceed 5 years. Available through participating lenders. Environment and Energy Resource Center(EERC) Energy Conservation Deferred Loan Program Provides 10-year deferred payment loans to improve energy efficiency to 1-4 unit owner occupied properties. Loans are restricted to low and moderate income households(generally below $41,000 for a family of four) and must be recommended through an energy audit. Financing for loans up to $5,000 is available for measures which reduce home energy costs, and emphasize fast payback in reduced energy bills such as; high efficiency heating systems - attic, wall and foundation insulation- and weatherization. Home Energy Loan Provides loans from $1,000-8,000 with 8%APR. Loans are approved within 24 hours (one hour approval on no-heat emergencies). Unsecured loan qualification(no second mortgage on home • unless over$5,000). Minimal documentation for approval. Eligible improvements: replacement of furnace, air conditioner and hot water heater, insulation, doors and windows. Home Improvement Loan 2%-8% APR depending on income and number of dependants. Loan amounts of$500-$25,000. Upper income restriction of$46,000 a year adjusted gross annual household income. Loans $5,000 and over are secured by a mortgage on your residence. All home improvements are eligible. Rental Energy Loan 4% APR for loan amounts of$1,000-$10,000. Only rental properties qualify (owner or nonowner occupied). Loans$3,500 and over are secured by a mortgage on the property. Ramsey County Deferred Loan Program Provides a 10-year deferred loans for low income homeowners. Loans are restricted to low income households (generally below$30,400 for a family of four) The loans may be used for basic and necessary improvements that make the home more livable, accessible, and energy efficient. Rental Rehabilitation Provides loans to any private rental property owner providing housing to low-moderate income • households. Loans may be up to $50,000 at 2% interest for 10 years. Improvements include;