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FINANCING TERMS & AMOUNTS <br /> <br />Loan rates: Loan rates escalate depending on amount of loan. 5 year loan will be set 2% below prime rate, <br />10 year loan will be set 1% below prime rate, and 15 year loan will be set at prime rate. All prime rates will <br />be calculated on the date of bid opening. <br /> <br /> $5,000 to $10,000 must be 5 year loan <br /> $10,001 to $20,000 must be 5 or 10 year loan <br /> $20,001 to $25,000 can be 5, 10 or 15 year loan <br /> <br />Owners match: Projects can be above $25,000 but owners are required to cover remaining cost. <br /> <br />ELIGIBLE/INELIGIBLE REHABILITATION ITEMS <br /> <br />Loans are only allowed to address certain rehabilitation items. Rehabilitation items will be discussed with <br />applicants during the initial property inspection. Eligible rehabilitation items include: <br /> <br /> Removal of health, safety and/or other hazards to bring the structure into compliance with the <br />property rehabilitation standards used by CMHP. For example: electrical outlet replacement, <br />smoke/CO detectors, lead based paint remediation, etc. NOTE: these are required if applicable to the <br />project. <br /> Improvement/replacement of roofing, siding, plumbing, water supply, septic systems or wiring may <br />be eligible for repair <br /> Improvement of the structure's energy efficiency. For example: increasing insulation, <br />installing new windows and doors <br /> Modify or rehabilitate the housing unit to make it accessible for a disabled member of the <br />household. Accessibility Improvements may include: structural, exterior, bathroom, kitchen and <br />other improvements necessary to enable a handicapped person to function independently in the <br />residential setting. <br /> Landscaping <br /> Garages/Outbuildings <br /> Fences (new or repair) <br /> Water softeners <br /> Decks/Patios (new) <br /> Additions to structures <br /> Finishing basements <br /> Other rehabilitation items found suitable by CMHP rehabilitation staff <br /> <br />Loans may not be used to address any of the following (except for necessary replacement <br />in connection with an eligible rehab item): <br /> <br /> Freestanding or built-in kitchen appliances unless needed to meet HQS standards <br /> Fireplaces or woodstoves (unless a health/safety issue) <br /> Window/door coverings (curtains, blinds, etc.) <br /> Air Conditioning (unless needed for medical purposes) <br /> Recreational items (swimming pools, tennis courts, saunas) <br /> <br /> <br /> <br />6 <br />