7.4. HRSR 02-07-2022 - Laserfiche WebLink

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Exhibit A Page 2 Agreement between Elk River HRA and Center for Energy and Environment CITY of ELK RIVER REVOLVING LOAN PROGRAM GUIDELINES The Elk River Housing and Redevelopment Authority has funds available for homeowners to make improvements to their properties. The Elk River Revolving Loan Program is designed to supplement existing loan programs available from MHFA, CEE, private lenders and other housing resources. This program is not intended to be the sole source of improvement funds available to the City. Center for Energy and Environment shall serve as the administrator for the Elk River Loan Program and will secure the most beneficial financing based on the borrower’s needs independent of the funding source. Revolving Loan Program Interest Rate: 4% Amortization Type: Amortizing (Monthly Payments Required). Loan Amount: Minimum of $5,000 and Maximum of $25,000. Loan term: Generally, one year per $1,000 borrowed. This will be somewhat flexible depending on the size of the loan and the borrower’s ability to repay the loan. • $5,000 to $15,000 – up to 10 years • $15,001 to $25,000 – up to 15 years Eligible Properties: 1-4 unit owner-occupied properties located within the geographical boundaries of the City of Elk River AND the Urban Services District. A recent water and sewer utility bill may be used to verify the borrower is in the Urban Services District. If applicant does not have a utility bill a letter of eligibility from the City of Elk River can be used. Townhomes, Condominiums and properties held in a Trust are eligible. The property must be at least 20 years old. Property must not be in a flood plain. Ineligible Properties: Dwellings with more than four units, cooperatives, manufactured homes, and properties used for commercial purposes. Properties located in a flood plain. Properties NOT located in the Urban Services District. Eligible Borrowers: All borrowers must be legal residents of the United States, as evidenced by a social security number, Including: U.S. Citizens, Permanent Resident Aliens, Non-Permanent Resident Aliens. TAX IDENTIFICATION NUMBERS (ITIN) ARE NOT ACCEPTABLE. Ineligible Borrowers: Including but not limited to: - Foreign Nationals, Non-Occupant Co-Borrowers, and business entities. Ownership/Occupancy: Owner- occupied only.