5.0. HRSR 07-29-2002 - Laserfiche WebLink

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City of Richfield • Financing a Remodeling Project • Energy Efficiency • Small - Medium Projects • Large Projects • Modest Income • Home Accessibility The Home Energy Loan is available to help make your home more energy- Energy efficient, including replacement of windows, doors, insulation and heating. The Efficiency interest rate is 6.5%, with a maximum loan amount of$10,000. There are no income limits. Call Community Revitalization Resources (612-335-5884)for a loan application. Do you have a small to medium sized remodeling project?The Fix-Up Fund may be for you. These are two versions of the Fix-Up Fund: Income Limit Loan Type Income : Loan Limit Interest Rate (In 2002) Small - Great Minnesota Fix-Up Fund $77,000 $25,000 6.5% Medium Projects $88,000 $35,000 6.5% Community Fix-Up Fund* $35,000 $35,000 5.0% • *The Community Fix-Up Fund is a targeted loan. Call 612-861-9778 with questions. To apply call Wells Fargo (612-316-3201), Richfield Bank&Trust(612-798- 3400), or Community Revitalization Resources (612-335-5884). Do you have a large remodeling project?The Transformation Homes Loan Large provides an incentive loan of 10% or 15% of your remodeling project; the Projects balance of your project financing is up to you. The incentive loan is interest-free and is paid back when you sell your home. If your project is $30,000 or more, check it out. Call 612-861-9760. CURRENTLY, NO FUNDS ARE AVAILABLE. Does your home need repairs and updates, but you have a modest income? You may qualify for a Deferred Loan. It is a zero interest loan with no monthly Modest payments,with a maximum loan of$25,000 per household. There is a waiting Income list for this loan. Income is determined by household size. (For a two-member household, the year 2002 maximum income for eligibility is $30,700. A four member household could have a maximum income of$38,350.)Call 612-861- 9760 for an application. If you need funds for accessible improvements, here are two options. Eligible improvements under the Accessibility Fix-Up Fund are those which assist the Home person with a disability to reside in the property. There is no maximum Accessibility household income limit. The interest rate on Accessibility Fix-Up Funds is 7.5%. The maximum loan amount is $25,000 and maximum loan term is 20 years (full description). Call a participating local bank and request an application form. For other accessibility loan options, contact Hennepin County at 612-348-9260.