7.4. HRSR 02-07-2022 - Laserfiche WebLink

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Exhibit A19 #2860 Page 2 Agreement between the City of Coon Rapids and Center for Energy and Environment COON RAPIDS LOAN PROGRAM GUIDELINES The Coon Rapids 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 Coon Rapids Loan Program and will secure the most beneficial financing based on the borrower’s needs independent of the funding source. Coon Rapids Home Improvement Loan Interest Rate: Income Rate >110% 4% <=110% and >80% 3% <=80% and >50% 2% <=50% 1% ***Income to determine interest rate is determined by projected gross income for the next 12 months and household size Amortization Type: Amortizing, closed-end (Monthly Payments Required). Loan Amount: Minimum of $2,000 and Maximum of $25,000. Total Project Cost: The borrower must have sufficient funds necessary to cover the cost of the entire project (as outlined in the bid(s). Additional funds may come from the applicant’s personal savings, gifts, or other NON City loans. 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. The minimum term is 1 year; the maximum term will be 15 years. Eligible Properties: 1-4 unit owner-occupied properties located within the geographical boundaries of the City of Coon Rapids. Individual townhomes, twin homes and condominiums. Properties held in a trust are eligible. Ineligible Properties: Dwellings with more than four units, cooperatives, manufactured homes,, properties in a Contract-for-Deed and properties used for commercial purposes.