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SLIHMAI <br />-------- <br />Date of Operattrarr Sr•ptcmber 1964 - May 191135 <br />Dollar Amount of grants made: $308.965.00 <br />Number of grants wader 1 S-j pr opert i es <br />Since December. 1984 the Energy Resource Center has administered <br />, rpnlel subsidy program funded by the MJD Solar Enertly aisd <br />Energy Conservation Dank. program. Rental property owners work <br />with the ERC and a participating lender to obtain principal <br />r edur.t tour grant of :OX to 5-1% for energy improvements. <br />Participating lenders include First Dank East. First Beni- Grand <br />and Cherokee State. fhese grants da not have to be repaid. ERC <br />merkets the program. assists the owners in putting together a <br />workplan, packages the grant. notifies the bank to proceed with <br />the Nute, and submits the entire parkage to the State. through <br />Mav 31, 1985, 0308,965 has been committed. <br />Ter me <br />- Grant amount is based on the site of the building. and in <br />the case of 1-4 unit properties. the income of the appi rcant. <br />- Private ]oars must have trrms of 5 - 1r. vears <br />- Interest rate on private loans must be at the same rate at <br />which the lender would make the loan if no subsidy was <br />provided. <br />Eligibility <br />- At least 51% of the property must be residential <br />- Impravements necessary to bring property into compliance <br />with the States Energy Standards must be included <br />in the package. <br />- Other improvemnts must have reasonable payback periods as <br />determined by an energy audit <br />- Property must be located in St. Paul <br />Underwriting <br />- loan underwriting and credit eligibility are determined by <br />the private lender <br />