7.4. HRSR 02-07-2022 - Laserfiche WebLink

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Exhibit A19 #2860 Page 6 Agreement between the City of Coon Rapids and Center for Energy and Environment Post Installation Inspection: Properties are subject to a post installation inspection by a CEE staff member when a permit is not required. Where a permit is required, the work must be signed-off by a City inspector prior to release of funds. Work Completion: All work must be completed within 120 days of loan closing. Extensions may be granted by CEE. Underwriting Decision: Must be current on all mortgages and property taxes. Borrower Fees: Borrower will be responsible for mortgage filing and service fees, flood certificate, credit report fees and any applicable closing fee which may be financed in the loan amount. Emergency Repair Deferred Loan The intent of the Coon Rapids Emergency Repair Deferred Loan Program is to provide assistance to property owners in the City of Coon Rapids who face emergency home repairs and cannot qualify for other housing related programs to remedy the situation. Interest Rate: 0% Loan Amount: Minimum loan is $1,000. Maximum loan is $10,000. Total Project Cost: It is the borrower’s responsibility to obtain the amount of funds necessary to finance the entire cost of the work. In the event the final cost exceeds the original loan amount, the borrower is responsible to provide proof of having funds to pay for the remaining portion. Loan term: Loan will be deferred until the borrower sells, transfers title of the property or is no longer occupied by the borrower, at which time 100% of the loan is due. 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 that are more than 4 units (these would be considered apartment and hence commercial properties), cooperatives, manufactured homes, properties held in a Contract-for- Deed and properties used for commercial purposes. Eligible Borrowers: Owners of 1-4 unit properties within the City of Coon Rapids who meet the program guideline criteria. The borrower must not be eligible for any other financing administered by CEE (including Coon Rapids Programs) in order to obtain an Emergency Repair Deferred Loan. Ineligible Borrowers: Includes, but are not limited to nonresident owners, non-occupant co-borrowers, properties held in the name of a business.