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ti <br /> Staff Memo - Proposed Loan Program <br /> March 16, 1998 <br /> Page 3 <br /> repair or replacement of mechanical, structural, electrical, plumbing, roofs, foundation, interior <br /> and exterior walls, floors and ceilings and improvement to energy efficiency and handicap <br /> accessibility. <br /> The following table shows the existing housing loan programs provided by various agencies and <br /> the respective eligibility requirements. <br /> • <br /> LOAN PROGRAM ELIGIBILITY <br /> t ti fl x':0.# i >>`< < > >< ii€rzr ri ali ::> > <br /> �. �'::.:g3r.::. few � . ..?� �.:: <br /> .........:: ......... .....:::::: :::: :��::: ....... ::>::: mE R ...... ....................................................... <br /> MHFA Great MN Fix-up Owner $49,000 Basic Livability $25,000 max. 2-8%depending <br /> Fund and Energy on income <br /> • Efficiency <br /> Revolving Loan Owner $18,000 Basic Livability $25,000 max. 3% <br /> Deferred Loan Owner $10,000 Basic Livability $10,000 max. 10 year deferred <br /> Home Energy Owner none Energy $5,000 max. 8%-5 year <br /> Loan Efficiency term <br /> EERC Energy Deferred Owner/Rental $41,000 Energy $5,000 max. 10 year deferred • <br /> Loan Efficiency <br /> Home Energy Owner none Energy $8,000 max. 8% <br /> Loan Efficiency <br /> • <br /> Home Owner $46,000 All Home $25,000 max. 2-8%depending <br /> Improvement Loan Improvements on income <br /> Rental Energy Rental(owner or none Energy $10,000 max. 4% <br /> Loan nonowner occup.) Efficiency <br /> Ramsey Co. Deferred Loan Owner $30,400 Basic Necessary $25,000 10 year deferred <br /> Improvements <br /> Rental Rental Low-moderate All Home $50,000 max. 2%- 10 year <br /> Rehabilitation income renters Improvements term <br /> POSSIBLE PROGRAMS FOR MOUNDS VIEW <br /> Minnesota Housing Finance Agency(1VIHFA) <br /> Community Fix-up Fund <br /> The City would partner with a local bank or financing provider to establish a loan program to <br /> target a specific housing need or area of the city(exp. homes built before 1960). Home <br /> improvement loans would be provided for households with incomes of$68,500 or less with APR <br /> of 2%-8%. Households with an adjusted gross income of$30,000 or more pay an APR of 8% <br />