Agenda Packets - 1985/07/08 - Laserfiche WebLink

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MINNESUTA HOUSING FINANCE AGENCY REHABILITATION LOAN PROGRAM I. General Description The Minnesota Housing Finance Agency (MHFA) Rehabilitation Loan Program provides deferred payment loans to low income homeowners for housing improvements directly affecting the safety, habit- ability, energy efficiency and accessibility of their homes. (A deferred payment loan (Deferred Loan] is a loan which need not be repaid unless the borrower sells, transfers, or ceases to live in the improved property within ten years of the date of the loan. After the ten-year period expires, the loan is forgiven.) The program was created in 1981 to replace the Agency's Home Improvement Grant Program, Accessibility Program, and Emergency Energy Conversation Grant Program, and is entering its third phase. The program is primarily funded through appropriations from the State Legislature. The funding level for the 1985-87 program phase will be $8 million. These funds are distributed statewide through local housing and redevelopment authorities, community action agencies, and other nonprofit organizations known as Administering Entities. II. Program Elizibility Applicants must meet four eligibility criteria in order to qualify for this program. They are as follows: 1. The applicant's household must have an adjusted gross income of $7,000 or less. Adjusted income is calculated by taking the gross income (including all public assistance payments) of all members of the household, age 18 or over, and deducting from that amount $1,000 per person. MHFA may also allow an extra deduction for extraordinary medical costs. 2. The applicant must own the property to be improved and it must be his/her principal place of residence. 3. The gross value of the applicant's assets (excluding the property to be improved and two surrounding acres) cannot exceed $25,000. 333 Sibley Street, St. Paul, Minnesota 55101 (612) 296.7608 Equal Opportunity Housing and Equal Opportunity Employment