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Program summary <br />Faye i <br />6. The total of all loans secured by the property may not exceed the <br />estimated after -improvement market value of the property. ' r� <br />7. Borrowers must not be eligible for the necessary assistance through <br />Other state or federal programs Including HHPA Home Improvemenr leans <br />and Home Energy Loans. However, funds may be coordinared with cther <br />programs provided the other programs are used to the greatest extent <br />possible. <br />8. Borrower must continuously maintain hazard Insurance on the improved <br />property. <br />III. Improvement Ellglbilitu <br />the Revolving loan Program is designed to provide funds for basic <br />lmpro+lfements to make a dwelling more safe, habitable, energy efficient or <br />T _ .veu Iu <br />wrruSllt.1:`t duch improvements is determined by an lnspeciaon <br />Performed .Sy the staff of an Administering Entity. The cost of the <br />necessary Improvements cannot excer4l$7,S00. <br />All improvements must be permanent improvements. Examples may include <br />repair or replacement of furnaces, roofs, electrical and plumbing systems, <br />Insulation, and construction of ramps eor accessibility. <br />IV. Administrative Procedures . <br />Based on an HHPA-derermined allocation p1an, current Rehab111tatl0n Loan <br />Program Administrators will be Invited to contract for delivery of thi <br />progrem. An amount not to exceed 14% of total funding may be requested <br />for admlrlstrative expenses. <br />All applications will be processed on a first come first served basis; <br />however, priority will be given to: <br />(a) applications of an emergency nature (natural disasters and systems or <br />strurtural failures) and <br />(b) appllcatlonj necessary in order to make WE Heathe:azatlon <br />Improvements feasible (I.e. roof replacement/repair) <br />The Administering Entity is responsible for determining the adjusted <br />Income, assets, affordability, and necessary Improvements for each <br />applicant. <br />After each loan package is assembled, the Adminlstering Entity will submit <br />the package to HHPA for review. upon approval, HHPA will notify the <br />Administering Entity of approval and supply the documents necessary to <br />close the loan. The Administering Entity will close the loan; record the <br />Hortgage; monitor the rehabilitation work; certify, along with the <br />borrower, that the work Is completed satisfactorlIr and authorize <br />contractor payment. <br />70017 (1/11/E9) <br />