8.1. HRSR 10-03-2016 - Laserfiche WebLink

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[. $IOME FOR GENERATIONS Home for Generations II-Home Improvement Program City of Coon Rapids Page 2 of 4 Project Funding This program is funded jointly between the City's Housing and Redevelopment Authority (HRA) and the Coon Rapids Mortgage Assistance Foundation. The maximum grant amount offered through this program is$5,000, but the amount you are specifically eligible for depends upon your total project cost and the type of projects completed. Higher grant amounts will be offered to those projects that increase the curb appeal of the home, therefore providing aesthetic benefit to the entire neighborhood. If your project includes two or more eligible exterior upgrades (see below for examples),your grant would equal 10%of your total project cost (not to exceed $5,000). If your project does not include two or more eligible exterior upgrades,or if your project includes interior improvements only,your grant would equal 5%of your total project cost (not to exceed $2,500). Additionally,your Building Permit Rebate will equal 50%of the total amount spent on permits (building, mechanical, electrical, plumbing, plan review, etc)for your entire project. All funds will be available on a first come,first served basis. Funds will be reserved for your project once you sign the Participation Agreement with the City(step 9). Eligible Exterior Upgrades In order to maximize your grant amount,you must include two or more eligible exterior upgrades as part of your home improvement project to enhance curb appeal, such as: El Altering the roofline on the front of the house ❑ Constructing columns at the front entrance ❑ Building a covered front porch ❑ Adding shakes, brick or stone on the front of the home ❑ Replacing and upgrading the front door and/or garage door if they face the street ❑ Landscaping (landscape design consultation required) ❑ Other elements as approved before signing the Participation Agreement ** Replacement of windows, siding, roofing, driveways, and other similar replacement items will not be considered as eligible exterior upgrades, but they will count towards your total project cost. Project Financing The grant and rebate offered through this program will cover only a small portion of your total project cost. How do you intend to finance the balance of your total project? ❑ City of Coon Rapids Home for Generations 11 low-interest loan (optional -you are still eligible for the grant and rebate even if you don't apply for this loan). This program offers loans up to$50,000 at a fixed rate of 4.5%interest. Homeowners may borrow up to 100%of the improved value of the property and take up to 20 years to repay. Two bids for your entire project are needed to apply for this funding. Please contact the Lending Center at the Center for Energy and Environment (CEE) to begin the application process to determine if you can qualify for the loan amount needed for your desired project(s). For more information, contact 612-335-5884, e-mail loaninfo @mncee.org, or visit www.mnlendingcenter.org. ❑ Loan or line of credit from your bank or credit union ❑ Savings ❑ Refinancing my home ❑ Other: