Laserfiche WebLink
<br />Exhibit A19 #2860 Page 5 <br />Agreement between the City of Coon Rapids and Center for Energy and Environment <br /> <br />Ineligible Properties: Dwellings that are more than 4 units (these would be considered apartment and <br />hence commercial properties), cooperatives, manufactured homes, properties held in a Contract-for- <br />Deed and properties used for commercial purposes. <br /> <br />Eligible Borrowers: Owners of 1-4 unit properties within the City of Coon Rapids who meet the program <br />guideline criteria. <br /> <br />Ineligible Borrowers: Includes, but are not limited to nonresident owners, non-occupant co-borrowers, <br />properties held in the name of a business. <br /> <br />Ownership / Occupancy: Only owner-occupied. <br /> <br />Loan- to-Value Ratio: 100% <br /> <br />Income Limit: 50% of adjust gross income based on household size and most recent tax return. If a tax <br />return is not required to be filed by the borrower(s), the income will be determined by the projected <br />income over the next 12 months. <br /> <br />Property Value Limit: $400,000 based on the Estimated Property Value from the most recent property <br />tax statement. <br /> <br />Debt- to-Income Ratio: N/A <br />Multiple Loans per Property/Borrower: Multiple loans on a property are allowed if the outstanding <br />balance is within the maximum loan limit. The maximum combined balances of all Coon Rapids loans <br />can not exceed $50,000. <br /> <br />Eligible Improvements: General, permanent improvements including alterations, renovations or repairs <br />upon or in connection with existing structures which correct defects or deficiencies in the property <br />affecting directly to the minimum building code housing standards or the safety, habitability, energy <br />consumption or accessibility to the property. CEE will identify and prioritize projects. <br />Ineligible Improvements: Work initiated prior to the loan being approved and closed. Personal <br />property items, including appliances, furniture, hot tubs, swimming pools, and other luxury items, <br />exterior plumbing (e.g. sprinkler systems), non-permanent landscaping fixtures (e.g. potted plants, <br />furniture, bird feeders), repairs to property used for business or trade purposes, refinancing existing <br />indebtedness, and labor costs of borrowers and/or residents. CEE will refer to the city whenever <br />eligibility of an improvement project is questionable. <br /> <br />Bidding: Only 1 bid is required. All contractors must be properly licensed. Permits must be obtained <br />when required by City ordinance. <br /> <br />Sweat Equity: Not permitted. <br /> <br />Property Inspection: Required. Eligible improvements will be determined through an analysis of the <br />property. A CEE representative will perform the analysis to prioritize eligible improvements.