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Exhibit A3 Page 10 <br />Agreement between the City of Mounds View and Center for Energy and Environment <br />DOCSOPEN\MU205\13\748240.v2-9/15/21 <br />The intent of the Mounds View Emergency Repair Deferred Loan Program is to provide assistance to <br />property owners in the City of Mounds View who face emergency home repairs and cannot qualify for <br />other housing related programs to remedy the situation. <br />Interest Rate: 0% <br />Loan Amount: Minimum loan is $1,000. Maximum loan is $5,000 within any time period. <br />Loan term: Loan will be deferred until the borrower sells or transfers title of the property, at which time <br />100% of the loan is due. <br />Eligible Properties: Owner-occupied properties with up to 4 dwelling units located within the <br />boundaries of the City of Mounds View. Condominiums, mobile homes and townhomes are eligible. <br />Ineligible Properties: Dwellings that are more than 4 units (these would be considered apartment and <br />hence commercial properties), cooperatives, time shares, and properties used for commercial purposes. <br />Eligible Borrowers: Owners of 1-4 unit properties within the City of Mounds View who meet the <br />program guideline criteria. The borrower must not be eligible for any other financing administered by <br />CEE in order to obtain an Emergency Program loan. <br />Ineligible Borrowers: Include but are not limited to: nonresident owners, non-occupant co-borrowers, <br />properties held in the name of a business. <br />Ownership / Occupancy: Only owner-occupied. Contract for Deeds are eligible. <br />Loan- to-Value Ratio: Not applicable <br />Income Limit: Household income must be less than 80% of HUD Area Median Income based on <br />projected income over the next year. <br />Debt- to-Income Ratio: Not applicable <br />Multiple Loans per Property/Borrower: Multiple emergency loans on a property are allowed if the <br />balance is within the overall maximum loan limit. <br />Eligible Improvements: An emergency is defined as an imminent condition that makes a house <br />uninhabitable, dangerous to the occupants, or is capable of causing severe health problems. Repairs <br />that will remedy such emergency repairs are eligible. Examples of eligible repairs include, but are not <br />limited to, water lines, sewer service, fire hazards, repair to exterior steps, railings, retaining walls, water <br />seepage into basement, structural problems, or replacement of a furnace or hot water heater. <br />Repairs that remedy code violations and those needed to address home repairs before they <br />significantly de-value the home and become much more serious problems, are also eligible <br />whether or not the city has issued a code violation. Examples of eligible repairs include, but are <br />not limited to, leakage around windows, rotting fascia, holes in siding, roof leakage, crumbling <br />brick or concrete and deteriorated retaining walls. CEE will determine eligibility of projects.