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RBVOLVZHG LOAII PRXMM PHASE V <br />• • I PROGRAM SEV MARY <br />I. General Lescr! tlon <br />The Minnesota Housing Pinance Agency (WpA) Revolving Login Prograzu <br />provides 3V loans wn <br />to lw+ Income homeowners for housing Improvements <br />directly affecting the sa,.ety, habltabll!ty, energy efficiency and <br />t�,elr haws. <br />."5d.% J2C' whim are not '11g1bleTfor th� necessary am waA cassistance Assist <br />through te <br />other staand federal programs. <br />The program Is funded by H1IPA. The funding level for the March 2989-July <br />1991 program phase will be 13 million. These funds are distributed <br />statewide through local housing and redevelopment 'uthorlties, community+ <br />action agencies, and other nonprofit cond*racr for delivery of the RQhabllltatlOn Loan program, enacA currently f� <br />II. PLOpram 811olbilitu II <br />Applicants must meet eight eligibility crlterla In order to qualify far ` <br />this program. They are as follows: <br />i <br />1. The applicant's household must <br />have an adjusted gross income of I <br />$15,O00 or less 1n the seven county metro area of $12,000 or less In <br />the rest of tie state. Adjusted gross income Is calculated by taking <br />the gross annual income (Including all public assistance Payments) of <br />amount <br />all members of the household, age 18 or over, and deductl.nq from ,:net <br />exttaordtndry dindrV per person. medical costs.HHPA may also allow An extra deduction for <br />2. The aapllcant must ewn the property [o be Iuptoved and it must be <br />his/her principal place of residence. <br />3. The value of the applicant's assets after deducting any outstanding <br />indebtedness secured by the assets, cannot exceed $25,Ooo. Exclu <br />from the calculation of an applicant's assets are the folluding: ded <br />(a) The house to be repalrrd and tho land upon which it 1s located <br />UP to two contiguous lots of platted land or I6o contiguous <br />acres of unplatted land. Language In the document securing the <br />loan will require that if any of the lend Is sold, profits from <br />the sale would be required to be used to reduce the loan balance. <br />(b) Real Estate, equipment, supplies and Inventory used in a <br />business. <br />(c) Household furnishings, clothing and one automobile. <br />5. The structure, upon completion of necessary improvements, will be <br />reasonably livable, safe, habitable, and energy efficient for the <br />I term of the loin !a the Administering 6'ntit.es estimation. <br />I <br />