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Program Summary <br />Page 2 <br />4. The property cannot contain more than two dwelling units. <br />5. The structure, upon completlon of necessary Improvements, <br />will be reasonably livable, safe, habitable, and energy <br />efficient for the term of the loan. <br />III. Improvemenr Ellgibllltu <br />The Rehabilitation Loan Program is designed to provide funds for <br />basic Improvements to make a dwelling more safe, habitable, or <br />energy efficient. The need for such Improvements is determined <br />by an Inspection performed by the staff of an Administering <br />Entity. The cost of the necessary Improvements cannot exceed <br />$7, 500. <br />A special Accessibility 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 person's priority needs <br />and consultation with the homeowner and RRFA. 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 construction of ramps for <br />accessibility. <br />IV. Administrative Procedures <br />Based on an IMA-determined allocation plan, oryanlzatlons wi1I <br />be requested to apply to administer the program. An amount not <br />exceeding 14% of an entity's allocation may be deducted from the <br />allocation for administrative expenses. <br />The Administering Entity 15 responsible for determining the <br />adjusted Income, assets, and necessary Improvements for each <br />applicant. <br />After each loan package 1s assembled, the Administering Entity <br />will submit the package to AWFA for review. Upon approval, IWFA <br />will notify the Adminlstering Entity of approval and supply the <br />documents necessary to close the loan. The Administering Entity <br />will close the loan; record the Repayment Agreement and <br />Itortgage; monitor the rehabilitation work; certify, along with <br />the borrower, tsar the work Ss completed satisfactorily and <br />authorize contractor payment. <br />