5. HRSR 08-05-2013 - Laserfiche WebLink

Home Browse Search

Coon Rapids Home Rehabilitation Assistance Program Page 1 of 2 Contact Us I News Search 4i 1, Sign Up for Our Newsletter r _?cr !.+ .i;rte` :trr)t1rr'ciT•: Home/Find Programs/Coon Rapids:Home Rehabilitation Assistance Program IS SHARE Coon Rapids: Home Rehabilitation Assistance Program The City of Coon Rapids,together with the Coon Rapids Mortgage Assistance Next Steps Foundation,currently offers low-interest home improvement financing and remodeling advisor services to Coon Rapids residents. Apply For This Program Loan Terms Download the Application • Minimum loan amount:$2,500 • Maximum loan amount:$30,000 Send In Your Completed Application • Loan funds are secured by a mortgage • Interest rate:.5%-2.75%,depending on income • The maximum income limit for this program is 110%of Area Median Income(AMI). Call Fax It To: 612.335.5884 for more information. 612-335-2650 • Additional terms,conditions and closing costs may apply and are subject to change without notice. Financing is secured by a mortgage on the property. Email It To: Ioaninfo @mncee.org Installment Loans Mail It To: Borrowers with incomes in the 51%to 110%of AMI will be offered low interest(1.5-2.75%) Center for Energy and Environment monthly installment financing.Loans will be available from$2,500 to$30,000 with repayment 212 Third Avenue N,Suite 560 terms equal to one year per thousand dollars borrowed up to a maximum of 25 years.Loans will Minneapolis,MN 55401 be structured to make them affordable for the borrower. For Questions About This program Deferred Loan Terms Borrowers with annual household incomes less than 50%of AMI have the option of borrowing funds on a regular monthly installment or on a Deferred basis.The deferred option offers the borrower to defer payment of principle and interest until the loan matures or the property is transferred or sold,whichever is first.Loans will be available from$2,500 to$30,000 for a 40 year i term. Brenda Yaritz Eligible Properties Senior Loan Officer byaritz @mncee.org • Owner-occupied single-family structures. 612-335-5891 or 1-855-296-5626(LOAN) • Structures must be located within the City of Coon Rapids and must be at least 10 years old. • The borrower must occupy the property as their primary place of residence. Property Value Limit The maximum assessed value of a property participating in this program may not exceed $169,000 as determined by the City Assessor as identified on your annual Anoka County Property Tax Statement. if your property valuation is more than$169,000,please see the Home Improvement Incentive Program. Eligible Improvements To determine the eligibility of improvement projects,an inspection of the property will be completed by a CEE. Eligible improvements are limited to those improvements which correct defects or deficiencies in the property directly affecting the minimum building code housing standards or the safety,habitability,energy consumption and/or accessibility of the property. Funds must first be used to abate any outstanding order from the City's Inspection Division. Applicants are required to submit one bid for each project under$5,000 and two bids for each project in excess of$5,000. Proof of Income • If you are employed:submit copies of your two most recent paystubs. http://mncee.org/Find-Programs/Coon-Rapids--Home-Rehabilitation-Assistance-Progra/ 5/15/2013