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MHFA HoN Energy Loan PretWee <br />SLMIMr�R Y <br />Datr of operatitWrl St. Paul. September 19R4 - August 19136 <br />Stdntrban. September 1984 - Auyust 1986 <br />Dollar amount of loan ftuid: St.. Paul, 11113,0 million <br />Suburban, 1111.3 million <br />Loans closed to dates St. Potd, 60n loans, t1.8 million <br />Suburban. 291 loans, f897,000 <br />The Energy Resuurcr Center, has been or I u I mat I I g loans for the <br />statewide MHFA Home Energy Loan Program since October. 1984. We <br />ha". a :c.o millirxn commitment for St. Fool .Ind f1.7 mrllinn <br />commitment for suburban areas, thr ottgh Auyust 1986. !n the past <br />months, we have ortginofed over 2.65 million dollars In loans in <br />the metro area. The leans are purchased from the ERC by MHFA and <br />serviced by Cump-.ilJn1.. to date. IoO': of EP•C loans have been <br />purchased by the MHFA. <br />terms <br />Interest rate Is 9% if adiusted yrus� household income Is <br />more than $24,uyii <br />Interest rate is 13" if adjusted gross household income Is <br />less than $24.n/nv <br />- Mintan.Im loan amount. Is fllitr0 <br />- M.IV.I mum 1 oat amount Is f yr.tu <br />- Term IS rjener at I one year fur each thr"lsand borruwed, <br />wi th a 5 ,-ear mo,: I mum <br />- Simple interest. luan <br />Eli gibiIty <br />- Single family humcs nrnly <br />- Home must be In 1•ISP gas srr vice territory <br />- Not more than J:i I, of Ilamr, can be used for buslnrss or <br />commercial purpose <br />- Eligible ialprovrmenls include anything recommended by ar <br />HSP enor gy eltdi l <br />Under wr i t i no <br />Stable credit history <br />Debt to income ratio of 4ing nr lest+ <br />Sufficient equity to rover note amount <br />Loans are tvplr.ally nnsecuredt a mortgage can be uspil <br />when normal arid pr uderlt lending proc t 1 c.es so advise <br />Solar Bank Rental Program <br />