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<br /> <br />ROSEVILLE REVOLVING LOAN PROGRAM GUIDELINES <br /> <br />The Elk River Housing and Redevelopment Authority has funds available for homeowners to make <br />improvements to their properties. The Elk River Revolving Loan Program is designed to supplement <br />existing loan programs available from MHFA, CEE, private lenders and other housing resources. This <br />program is not intended to be the sole source of improvement funds available to the City. Center for <br />Energy and Environment shall serve as the administrator for the Elk River Loan Program and will secure <br />the most beneficial financing based on the borrower’s needs independent of the funding source. <br /> <br /> <br /> Revolving Loan Program <br /> <br /> <br /> <br />Interest Rate: TBD (we don’t adjust rates to the prime rate and would instead request a fixed rate to be <br />reviewed and adjusted annually or contract renewal. Each city program is a little different, but most are <br />at 3-4%. Some have a lower rate based on income. An example is Anoka. They have 3% for income less <br />than MHFA home improvement limit (currently $141,000) and 4% for incomes greater than that. <br /> <br />Amortization Type: Amortizing (Monthly Payments Required) <br /> <br />Loan Amount: Minimum of $5,000 and Maximum of $25,000. <br /> <br />Loan term: Generally, one year per $1,000 borrowed. This will be somewhat flexible depending on the <br />size of the loan and the borrower’s ability to repay the loan. <br /> $5,000 to $10,000 – up to 5 years <br /> $10,001 to $20,000 – up to 10 years <br /> $20,001 to $25,000 – up to 15 years <br /> <br />Eligible Properties: 1-4 unit owner-occupied properties located within the geographical boundaries of <br />the City of Elk River. Townhomes and Condominiums are eligible . The property must be at least 20 <br />years old. Property must not be in a flood plain. <br /> <br />Ineligible Properties: Dwellings with more than four units, cooperatives, manufactured homes, and <br />properties used for commercial purposes. Properties in a flood plain. <br /> <br />Eligible Borrowers: All borrowers must be legal residents of the United States, as evidenced by a social <br />security number, Including: U.S. Citizens, Permanent Resident Aliens, Non-Permanent Resident Aliens. <br />TAX IDENTIFICATION NUMBERS (ITIN) ARE NOT ACCEPTABLE. <br /> <br />Ineligible Borrowers: Including but not limited to: - Foreign Nationals, Non-Occupant Co-Borrowers, <br />and business entities. <br /> <br />Ownership/Occupancy: Owner- occupied only. <br />Exhibit A Page 2 <br />Agreement between Elk River HRA and Center for Energy and Environment <br /> <br />