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,�, COMMUNITYPROGRAM FIXCONCEPT-UP FUND <br /> ', <br /> PROGRAM GOAL <br /> Encourage partnership efforts between Minnesota Housing Finance Agency (MHFA), <br /> local lenders, nonprofit organizations, local governments, and community organizations <br /> by providing funds to assist a designated community in addressing its specific home <br /> improvement needs or objectives. <br /> ELIGIBLE PROGRAM APPLICANTS <br /> Applications must be submitted by participating MHFA Fix-up Fund lenders (or <br /> participating lender consortia), in partnership with a nonprofit organization delivering <br /> housing programs,or a city as defined by Minnesota Statute 462C.02, subd. 6 (including <br /> local governments, housing and redevelopment authorities, economic development <br /> authorities and port authorities). <br /> PROGRAM REQUIREMENTS <br /> • The Community Fix-up Fund (CFUF) is a program designed to address "targeted <br /> communimprovement funds.rehabilitation <br /> designated ommu ty where funds will home need for <br /> be targettedmust <br /> be defined as follows: <br /> 1) Specific geographic area within a city, with defined boundaries; or <br /> 2) By age of property within a city;or <br /> 3) Specific improvement need over a larger area (i.e. eliminating ground water <br /> contamination by replacing non-conforming septic systems on a county-wide <br /> basis.) <br /> • Lenders approved to participate in CFUF must first determine whether a potential <br /> borrower in the designated community qualifies for the Fix-up Fund. If not, CFUF <br /> serves as another low-interest financing option, with more flexible underwriting <br /> guidelines, to reach a larger segment of the market in the designated community. <br /> The underwriting guidelines which differ from the Fix-up Fund include: <br /> 1) Maximum income limit based on the geographic location of the household as <br /> identified below: <br /> Counties of Anoka, Carver, Chisago, Dakota, <br /> Hennepin, Isanti, Ramsey, Scott, Sherburne, $69,920 <br /> Washington and Wright. <br /> Olmsted County $69,460 <br /> Rice County $62,100 <br /> Nicollet County $61,640 <br /> Steele County $60,835 <br /> All Other Counties $59,750 <br /> 2) Maximum loan amount of$35,000 and maximum loan term of 20 years. <br /> FUNDS AVAILABLE <br /> Funding will be available to meet anticipated need with 50% of funds going to Anoka, <br /> Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and <br /> Wright counties, and the other 50%available outstate. <br /> Lenders do not apply for a specific dollar amount of funds, but rather apply to access <br /> funds in the appropriate pool. The funds are available to the designated community as <br /> long as there are funds in that pool. <br /> Community Fix-up Fund <br /> 2/98 <br />