8.2. HRSR 12-03-2018 - Laserfiche WebLink

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 Asbestos and lead abatement  Other:____________________________________________________________ Ineligible improvements include:  Refinancing debt or prior rehabilitation debt  Security systems  Furniture  Recreational items (tennis courts, swimming pools, etc.)  Appliances (unless needed to meet rehabilitation standards or livability) *Loans are not available to remodel apartments or rental units Financing Terms:  5 year loan at 2% below prime rate  $5,000 to $10,000 5 year loan  10 year loan at 1% below prime rate  $10,001 to $20,000 5 or 10 year loan  15 year loan at prime rate.  $20,001 to $25,000 5, 10 or 15 year loan The amount of the loan should be $5,000 or more and no more than $25,000. Prime rates set on date of bid opening. Conditions 1. If the applicant has received a loan(s) from Elk River HRA in the past, he or she is only eligible for the difference between the maximum loan amount and the amount remaining to be paid on previous loan(s). 2. Loans on the property sold by contract-for-deed are due when the title transfers or owner no longer maintains property as primary residence. 3. All owners must join in the application including contract holders. 4. Loan applicants will pay recording fees. Loan Application Review Process 1. CMHP staff will evaluate the loan application to determine eligibility. 2. Once staff makes a determination the building inspector or CMHP staff will conduct an inspection of the property. At the inspection, there will be a determination if corrective actions are necessary for the property to conform to rehabilitation standards. 2. Contact information: Ed Zimny Phone: 320-258-0673 Email: ed@cmhp.net 4 Formatted: Font: Times New Roman, 12 pt, Bold Formatted: Numbered + Level: 1 + Numbering Style: 1, 2, 3, … + Start at: 1 + Alignment: Left + Aligned at: 0.25" + Indent at: 0.5"