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III <br />4. <br />The <br />property <br />cannot contain <br />more than two dweiiing units. <br />5. <br />The <br />property <br />must meet MRFA <br />economic viability standards. <br />Improvement Eligibility <br />The Rehabilitation Loan Program is designed to provide funds for <br />basic improvements to make a dwelling more safe, habitable, or <br />energy efficient, or more accessible for a disabled person. The <br />need for such improvement is determined by an inspection <br />performed by the staff of an Administering Entity. The cost of <br />the necessary improvements cannot exceed $7,500. <br />All improvements must be permanent improvements. Examples may <br />include repair or replacement of furnaces, roofs, electrical and <br />plumbing systems, insulation, and construction of ramps for <br />accessibility. <br />Iv. Administrative Procedures <br />Based on an MHFA-determined allocation plan, organizations will <br />be requested to apply to administer the program. An amount not <br />exceeding 12% of an entity's allocation may be deducted from the <br />allocation for administrative expenses. <br />The Administering Entity is responsible for determining the <br />adjusted income, assets, and necessary improvements for each <br />applicant. <br />After each loan package is assembled, the Administering Entity <br />will submit the package to MHFA for review. Upon approval, MMFA <br />will return the package to the Administering Entity for loan <br />cicsing. The Administering Entity will close the loan; record <br />the Repayment Agreement and Mortgage; monitor the rehabilitation <br />work; certify, along with the borrower, that the work is <br />completed satisfactorily and authorize contractor payment. <br />Is <br />