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City of A Anthony Revolving Loan Prokram 21 Application Process Che following documents must be received at the HousingResource Center in order for you to be eligible for ;onsideration in this program: 1. Application Form (attached) 2. Federal Income Tax Statement (a copy of your most recent) DRAFT 3. County Property Tax Statement (a copy of your most recent) 4. Scope.of Work (attached) 5. Contractor Acknowledgment(attached) After the above documents are received and approved the HousingResource Center will verify if the applicant meets :he ownership, income, underwriting and loan to value requirements as established by the City of St. Anthony; the Scope of Work details the work to be done in accordance with the program guidelines. This Scope and other Formwork must be completed and returned to the HousingResource Center. It is then the homeowner's responsibility :o call licensed contractors and obtain written Contracts and a signed Contractors Acknowledgement Form as iescribed below. Please call the State at (651) 296-2488 to verify if your contractor is currently licensed. These iocuments must be delivered to the HousingResource Center for approval. CONTRACTS —(also called bids, proposals or estimates). In order to approve a contract it must be written by a licensed contractor and contain the following items; 1. The contractor's name, address, telephone and fax numbers, the date and the contractor's license number. 2. The homeowner's name and project address. 3. A detailed description of the work to be done including brand names, quantities and all costs. 4. The contractor's signature. 5. A space for the homeowner's dated signature. Do not sign the contract until the closing. CONTRACTOR ACKNOWLEDGMENT FORM - Each and every contractor you intend to hire must fill out and sign this form. You do not need this form signed by contractors who only give you bids, only those.who will actually be doing the work. *TWO BIDS-For example if you intend to hire separate siding, painting and roofing contractors then you must , Dbtain two bids for each trade, six in total. On the other hand if you intend to hire one general contractor to do the same work then you need two bids total, each from general contractors. SWEAT EQUITY.—If the homeowner proposes to'do some or all of the work themselves, they must be approved first. Eligibility will be determined by the HousingResource Center. Call for a Sweat Equity Application Package. LOAN CLOSING—After all the above documentation has been received and approved the homeowner will be notified to come to the HousingResource for a closing and the signing of a Note and Mortgage. The homeowner is responsible for the County Filing fee($20.00). DO NOT SIGN ANY CONTRACTS,PURCHASE ANY SWEAT EQUITY MATERIALS OR START YO UR PROJECT UNTIL A CLOSING HAS TAKEN PLACE. ANY PROJECT BEGUN BEFORE A PAR TICPATION LOAN CLOSING HAS TAKEN PLACE WILL BE INELIGIBLE FOR PARTICIPATION IN THE PROGRAM! The HousingResource Center-NE is the program administrator. Construction and loan consultants are available to advise and answer any questions about the program and your project. (612) 378-7985 DELIVER OR MAIL COMPLETED DOCUMENTS TO: HousingResource Center-NE 909 Main St. NE, Minneapolis, MN 55413 RCOMMONSUBURBAMST.ANTHONYTREVOLWNG LOANTEVOLV[NG R.V.PACKER.V.APP.PROCESS-REVOLVE.DOC 1 9/9/02 SW