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Program Summary <br />Page 2 <br />f� <br />4. The property cannot contain more than two dwelling units. <br />5. The structure, upon completion or necessary Improvements, <br />will be reasonably Ilvable, safe, habirable, and energy <br />efficient for the term of the loan. <br />III. Improvement EIigib111ty <br />The Deferred Loan Program Ss designed to provide funds for basic <br />improvements to make a dwelling More safe, habitable, or energy <br />efficient. The need for such Improvements is determined by an <br />inspection performed by the staff of aan nnAdm1nisterinexcee$9 0DEntity- <br />The cost of the necessary improvements or A special Accesslbility Fund is available to use for <br />Improvements necessary to enable a disabled person to function <br />In a residence. The need for such improvements is determined by <br />an inspection performed by the staff of an Admininstering <br />Entity, consideration of the disabled perzon's priority needs <br />and consultation with the homeowner and HHFA. The cost of <br />accessibility improvements cannot exceed $10,000. <br />All improvements must be permanent Improvements. examples may <br />include repair or replacement of furnaces, roofs, electrical and <br />plumbing systems, insulation, and conatructlon of ramps for <br />accessibility. <br />IV. Adminis[rative Procedures <br />Based on an HHFA-determined allocation plan, organizations will <br />be requested to apply to administer the program. An amount not <br />exceeding 14% of an entlry's allocation may be deductsed from the <br />allocation for administrative expenses. <br />The <br />is <br />for <br />adjustedi nl ncome,�g asse tsy and necessary eimprovements determining <br />each <br />applicant. <br />After each loan package is assembled. the Administering Entity <br />will submit the package to HHFA for revle'e. Upon approval, HHFA <br />will notify the Administering Entity of approval and supply the <br />documents necessary to close the loan. The AdministeAdministeringSntICY <br />and <br />will close the loan; record the Repayment Agreement <br />Mortgage; monitor the rehabilitarlon work; certlfy, along with <br />the borrower, that the work Ss completed satisfactorily and <br />authorize contractor payment. <br />27971 <br />5130189 40 <br />