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A COMPREHENSIVE ENER(dy EtINSERVA110H PROGRAM SERVING 1 UNIT <br />OWNER OCCUPIED PROPERTIES IN SUBURBAN RAMSEY COUNTY <br />Hew ttit Project Meets HUD Critert! <br />Ina I,, ni,n•.,d pr f. Ir•t I I4 ., I M. l it'r I'll Pi I•ttr .m t1f Irnr ior Interest <br />t nut al lmrnt loans and defwr od loans Inr rnergv t- Pr Hoorn, <br />t uy,r ^vnmf 111.5 in I untI InAl r n.Cupiott vn <br />rrf.. la .is. <br />mr•r•tR HI-R) critpria by reslri. 1.rnq the loans to law and ender ate <br />i ntrnn• luw,�ehul .tf. Nlfltin the cit.,�yM of IM,YfLYt__ ttfere are <br />appr n;imately People M,o would be inroaw! el tgible for <br />thr program il,onsehold arfa.al adi,.esled intumn nut exceeding <br />124,000), <br />The prutec:l.'s htyerfit.s tq 1hp r.c.emlwfttity are m..nifold. the low and <br />moderate inr_ome population benefits both from interest rates far <br />bel tm+ the mar Pal standard. and tilt- posi t i .e Impact of reduced <br />eyed <br />n <br />spare heatinq ._ests on hrnfsettold e�:penses. In addition. qY <br />pffi,rielfr (net,=imthde �Iim•lai., the Ioc-el a!nnnmy by providing <br />rip" inbs. improving the hdleing strict• Prod rndur_ing the drain Of <br />eelmgv dollars from lilt, "I.,Ie CCrrfomv. Filladiv. the program is <br />desiqued M serer that segment ref the community which e,listing <br />suhsidized loon prrjraws do not. reach. <br />The program will be administpred by thr! Energy Resource Center <br />(ERC). .. nal-Profit WI c t corporation operated as a <br />public/private partnership bclween the City of St. Paul and <br />Northern Status Power rrr. Ofte of the. ERC's primary obieetives is <br />to develop low -interest regenerali-Is CAP:fAt POOLS fors. Sieneits <br />efficiencyim:r•stmener in rt,sidenl.ia] s6 Pillion in <br />inception In 1981, the FRC has a iginated over <br />single family loans and 11 million in naflti-family loans. <br />The ERC will secure a hard dollar match of l300,(Kr0 in M(FA Nome <br />Impr r)vf.•mc9fl 1 om Progr am funds. These fun.ls will be used to <br />increase participation in the proposed loan prngraff.. In <br />additiat, .,se of HWA funds allows life ERC to spread start-p and <br />ram <br />oreratiOnrl costs over more units (loans), making the program <br />mare cast efftrtfive. Tito ERC t,f:peuts the camemfnity to assist in <br />marketing the program. <br />IMJD E1L2ML1 Of. 02 CtQZ-111rt <br />The program prnpnses to I,ruvide a loan pool of 0230.000 fomCI)PG <br />funds and 1300,000 from MfFA funds for use in a two-tier program. <br />Each tier axes w separate financing an'ti'•ntism to address the <br />targeted sectors of the IOw-irfrnme market. <br />