7.0. HRSR 09-23-2002 - Laserfiche WebLink

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Fridley Minnesota City Services Housing &Redevelopment Authority Page 2 of 3 Single Family Housing Programs Revolving Loan Fund This program offers loans up to$35,000 at 6%. Maximum repayment term is 20 years. The program is available to any homeowner with an income up to$63,000 per year. Some credit restrictions also apply. Loans can be used to improve owner-occupied properties with up to four units. Funded through the Fridley HRA. Other programs can also be used in conjunction with this program. Minnesota Fix-Up Fund This program offers loans up to$25,000 at 7.5%. The maximum repayment term is 20 years. Income limit is $75,000 per household. To learn more about this program,which is funded through the Minnesota Housing Finance Agency, go to the MHFA web site. Home Improvement Grants For low-income homeowners who are unable to qualify for a regular home improvement loan, this program provides up to $15,000 in assistance. The funds are provided in the form of a deferred-payment loan which is reduced by 10 percent each year for 5 years. At the end of 5 years, the remaining balance must be repaid whenever the home is sold. To qualify, applicants must meet certain income guidelines which are based on household size and have less than $25,000 in assets. Funded through the Community Development Block Grant (CDBG) and HOME programs. Matching Deferred Loans This program is available only in the Hyde Park neighborhood and is intended to be an incentive for homeowners and landlords to fix-up their properties. Up to$4,000 per unit is available and must be matched by the owner. The owner may use their own funds, a bank, or any of the loans previously mentioned (except the last resort program) for the required match. Homeowners with incomes up to $55,000 are eligible. Additional underwriting must be met as well. Funded through the Fridley HRA. Back to Housing and Building Rental Property Housing Rehabilitation Rental Rehabilitation Loans This program provides loans up to $10,000 per unit(max. $100,000 per structure)for improvements made to rental property. A 6% interest rate is charged to owners and the maximum repayment term is 15 years. Applicants must meet additional underwriting criteria. To learn more about this program, which is funded by the Minnesota Housing Finance Agency, see the MHFA web site. Who To Contact Program Administrator: Community Revitalization Resources 211 N. 1st Street, Suite 455 Minneapolis, MN 55401 Main Line: 612-335-5880 Fax Line: 612-335-2650 Director: Dave King, (612)335-5889 24 Hour Hotline: 612-335-2651 http://www.ci.fridley.mn.us/sery/hra.html 9/19/02