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<br />Exhibit A4 Page 2 <br />Agreement between the City of Mounds View and Center for Energy and Environment <br />DOCSOPEN\MU205\13\821952.v1-9/8/22 <br /> <br />MOUNDS VIEW LOAN PROGRAM GUIDELINES <br /> <br />The City of Mounds View EDA is making funds available for homeowners to make improvements to their <br />properties. The Mounds View Loan Program is designed to supplement existing loan programs available <br />from MHFA, CEE, private lenders and other housing resources. This program is not intended to be the <br />sole source of improvement funds available to the City. Center for Energy and Environment shall serve <br />as the administrator for the Mounds View Loan Program and will secure the most beneficial financing <br />based on the borrower’s needs independent of the funding source. <br /> <br /> <br /> Residential Home Improvement Loan Program <br /> <br /> <br /> <br />Interest Rate: 3% for households with income less than or equal to 80% of HUD Area Median Income <br /> 4% for households with income greater than 80% of HUD Area Median Income <br /> <br />***Income shall be determined by projected income for the next year and is based on household size. <br /> <br />Amortization Type: Amortizing (Monthly Payments Required) <br /> <br />Loan Amount: Minimum of $2,000 and Maximum of $15,000. <br /> <br />Loan term: Generally, one year per $1,000 borrowed. This will be somewhat flexible depending on the <br />size of the loan and the borrower’s ability to repay the loan. The minimum term is 1 year; the maximum <br />term will be 10 years. <br /> <br />Eligible Properties: 1-4 unit owner-occupied properties located within the geographical boundaries of <br />the City of Mounds View. Townhomes and Condominiums are eligible. <br /> <br />Ineligible Properties: Dwellings with more than four units, cooperatives, manufactured homes and <br />properties used for commercial purposes. <br /> <br />Eligible Borrowers: All borrowers must be legal residents of the United States, as evidenced by a social <br />security number, Including: U.S. Citizens, Permanent Resident Aliens, Non-Permanent Resident Aliens. <br />TAX IDENTIFICATION NUMBERS (ITIN) ARE NOT ACCEPTABLE. <br /> <br />Ineligible Borrowers: Including but not limited to: - Foreign Nationals, Non-Occupant Co-Borrowers, <br />and Properties held in the name of a business. <br /> <br />Ownership/Occupancy: Owner- occupied only. <br />