8.1. HRSR 06-01-2020 - Laserfiche WebLink

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fire protection, including egress;(v) internal utilities, including electricity, gas, and water;(vi) flooring and flooring elements; or(vii) walls, insulation, and exterior envelope;(viii) in which the cited housing, maintenance, or building code violations have not(3) been remedied after two notices to cure the noncompliance; and has uncured housing, maintenance, and building code violations, satisfaction of(4) which would cost more than 50 percent of the estimated market value for the building, excluding land value. Applicants must submit evidence that the property is “structurally substandard”(5) in the form of a property inspection report. The property inspection report may be completed by City staff and the fee for the City’s services is included in the $500 application fee.. ELIGIBLE APPLICANTS: Eligible applicants for this program must be the owner of the property at the time of the application or before disbursement of funds. either: 1.Individual who will build, own and occupy a new owner-occupied dwelling following the demolition of the existing structures; or 2.Contractor who will build an owner-occupied home on the property following the demolition of the structure. Property owners, unless licensed in the trade specified, may not put any sweat equity into the demolition or construction of the foundation, wall/roof framing, shingling, exterior work, electrical/plumbing/HVAC systems or interior carpentry. ELIGIBLE PROGRAM COSTS: theThe Blighted Properties Demolition & Forgivable Residential Loan program can pay up to $25,00020,000 of the demolition costsDemolition Costs for a qualifying site. “Demolition costsCosts” means the costs of demolition, destruction, removal, and clearance of all structures and other improvements on the project site, including interior remedial activities, and proper disposal thereof. As used in this subdivision, “structure” has the meaning given it in section 116G.03, subdivision 11. Costs incurred before the loan is awarded are not eligible for payment. TERMS: Loans for demolition costsDemolition Costs may be made subject to the following terms and conditions: The agreement to repay the loan must be a personal obligation of the property owner,1. payable primarily from an identified source of income of the property owner, or other security subject to review and approval by the HRA commissionboard of commissioners. The loan shall bear interest at a rate equal to twothree percent;2. If the property owner ceases to occupy the property as his/her/their primary residence prior 3. to the fifth anniversary of the closing date, the property owner will immediately repay the principal amount of the loan and accrued interest to the date of repayment;The loan shall be forgiven if the requirements under the heading “Forgiveness” are met. The principal amount of a loan may not exceed $25,00020,000;4. 2 498470v2 JSB EL185-13