7.4. HRSR 02-07-2022 - Laserfiche WebLink

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Exhibit A19 #2860 Page 3 Agreement between the City of Coon Rapids and Center for Energy and Environment 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 (TIN) ARE NOT ACCEPTABLE. Ineligible Borrowers: Including but not limited to: Foreign Nationals, Non-Occupant Co-Borrowers, and Properties in the name of a business. Ownership/Occupancy: Owner- occupied only. Loan - to - Value Ratio: The ratio of all loans secured by the property, including the new loan, should not exceed 100% of the property value. Half of the improvement value may be added to the initial property value. Value can be established by the Property Tax Statement or an Appraisal dated within the past 12 months. Income Limit: None. Property Value Limit: $400,000 based on the Estimated Property Value from the most recent property tax statement. Debt - to - Income Ratio: Applicant must have the ability to repay the loan. An applicant who has a debt to income ratio in excess of 50% will be ineligible to receive financing. Credit Requirements: 1) All mortgage payments must be current and reflect no 30 day late payments history in the past 12 month period (without reasonable explanation). 2) All real estate taxes must be current. 3) No outstanding judgements or collections. 4) Bankruptcy must have been discharged for at least 18 months prior to loan closing (without reasonable explanation). 5) The redemption period on prior foreclosures must have occurred at least 18 months prior to the loan application date. 6) Generally, no more than two 60-day late payments on credit report (without reasonable explanation). 7) No defaulted government loans. Multiple Loans per Property/Borrower: More than one loan per property/borrower is allowed, however, the outstanding balance(s) of any amortizing loans through the Coon Rapids Home Improvement Loan Program cannot exceed $25,000 and the total of all city funds cannot exceed $50,000. Eligible Use of Funds: Projects eligible through MHFA and CEE home improvement programs. Ineligible Use of Funds: Payment for work initiated prior to the loan being approved and closed, unless due to emergency. Recreation or luxury projects (pools, lawn sprinkler systems, playground equipment, saunas, whirlpools, etc.), furniture, non-permanent appliances (unless part of a full kitchen remodel), and funds for working capital, debt service, homeowner labor or refinancing existing debts are NOT allowed. Bids: Only 1 bid is required. All contractors must be properly licensed and permits must be obtained when required.