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<br /> <br />ELIGIBILITY REQUIREMENTS/PROPERTY CONDITIONS <br /> <br />Property eligibility: requirements listed below will be verified through the application approval process <br />and initial inspection of the property: <br /> <br /> Homes must be located within the Target Area (see Exhibit A) <br /> Homes must be a minimum of 20 years old. <br /> Homes must be the principal place of residence of applicants. By definition, this means you must <br />live in your home a majority of the year (Over six months) <br /> Homes must be classified as homestead <br /> Homes must be a permanent structure on a permanent foundation (no mobile or manufactured <br />homes) <br /> Homes located within a 100-year flood plain are not eligible for rehabilitation <br /> <br />Homes with the following conditions will be a priority of the program, assuming applicant and home meet <br />all eligibility requirements: <br /> <br /> The home needs wiring updated because the existing wiring does not comply with the applicable <br />laws and regulations. <br /> The home has health and safety hazards such as lead based paint, asbestos, etc. <br /> The home does not meet HUD’s Housing Quality Standards <br /> The home does not meet city code <br /> The home fails to provide suitable shelter in some other obvious manner as determined by CMHP <br />Suitability for Rehabilitation: CMHP must make a determination that a specific home is a suitable <br />candidate for rehabilitation in order to receive program funding. The determination will be based on <br />structural viability, after rehabilitation market value, historical significance, cost of rehabilitation and housing <br />replacement cost. <br /> <br />Nuisance Standards: Homeowners must demonstrate compliance with the City of Elk River’s public <br />nuisance ordinances. Properties improved using program funding must maintain these standards throughout <br />the life of the program loan or risk repayment, as determined by the HRA. <br /> <br />Housing Replacement Cost: When a home is determined to be unsuitable for rehabilitation due to <br />economic factors, other factors must be considered before denial of assistance to the household. These <br />factors include: <br /> <br /> Lack of other housing alternatives <br /> Cost of relocation <br /> Expense of housing alternatives <br /> Abnormal low market values due to depressed market <br /> <br /> <br /> <br /> <br /> <br /> <br />5 <br />