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7j99 <br />A COMPREHENSIVE ENERGY CONSERVATION PROGRAM SERVING 1-4 UNIT <br />OWNER OCCUPIED PRUPERTIES IN SUBORBAN RAMSEY COUNTY <br />agw ihtr Pr¢1VA4t Melt H44 QCLt cko <br />The prupo^11tl prolnct is a two liered pr'ugram of low tntpr est <br />instalimrnlloans and deferred loans fen enerav conservation <br />i mllr ovemrn is in 1-4 unit otiner ocrapied properf.ie•l. The program <br />mvefs HIJD ce-iteris by restricting the loan= to low and moderate <br />tncomv b"'GetWlolds. Within the City of PjkVjMjtytheir, are <br />aptno::imately-Zfl[I--- ptYgle who would be Income eligible for <br />the program (household animal edinsted inromr not r•:teeding <br />ST4.0ol 1 ) . <br />The proiect'g benefits to the communtty Fire manifuid. The low and <br />moderate inQoae population benefits both from interest rates far <br />below Ilse minrket strandard, and the positive impact of reduced <br />space heating costs rnI household ca:pnnses. In addition, energy <br />efficiency irrvestmonts stim14ate the local economy by providing <br />new jobs, improving the hoLising stock and reducing the drain of <br />energy dollars from tho state econl.my. Finally, the program is <br />designed to serve that segment of the community which e,:isting <br />subsidized torn programs do not reach. <br />The program will be admintstored by the Energy Resource Center <br />(ERC). a tlon-profit 501 c _ corporation operated as a <br />public/private partnership between the City of St. Paul and <br />Northern States Power Co. Our of the ERC's primary objectives is <br />to develop lo"l-interest regenerative capital pools for energy <br />efficiency investments in residential properties. Since its <br />inception in 1901, the ERC has originated over 16 million in <br />single family loans and sl million in midti-Family loans. <br />The ERC will secure a hard dollar match of in MHFA Home <br />]mproeement loan Program funds. Thrse funds will be used to <br />increase f-articipation in the proposed Iran program. In <br />aaultlun, use of MVA funds allows the ERC to spread start-up and <br />operational t:osts over more units (loans), making the program <br />more cost efftar:livr.. The ERC expects the rommlurity to assist in <br />mar I:eting the program. <br />060 dements pf the Program <br />The prnyram Llrupusr.•, to provide ., lonn pool of 1230,000 from CDBS <br />funds and s3t1Cl.M1n from MHFA funds for use in a two-tier program. <br />Each tier Liles a snroarete financing mechanism to address the <br />targeted sect Ors of the low-income marl -et. <br />