7.4. HRSR 02-07-2022 - Laserfiche WebLink

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Exhibit A19 #2860 Page 7 Agreement between the City of Coon Rapids and Center for Energy and Environment Ownership / Occupancy: Only owner-occupied. Loan- to-Value Ratio: Not applicable. 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: N/A Multiple Loans per Property/Borrower: Multiple emergency loans on a property are allowed if the balance is within the overall maximum loan limit. Eligible Improvements: An emergency is defined as an imminent condition that makes a house uninhabitable, dangerous to the occupants, or is capable of causing severe health problems. Repairs that will remedy such emergency repairs are eligible. Examples of eligible repairs include, but are not limited to, water lines, sewer service, fire hazards, repair to exterior steps, railings, retaining walls, water seepage into basement, structural problems, or replacement of a furnace or hot water heater. Ineligible Improvements: Work initiated prior to the loan being approved and closed. Personal property items, including appliances, furniture, hot tubs, swimming pools, and other luxury items, exterior plumbing (e.g. sprinkler systems), non-permanent landscaping fixtures (e.g. potted plants, furniture, bird feeders), repairs to property used for business or trade purposes, refinancing existing indebtedness, and labor costs of borrowers and/or residents. CEE will refer to the city whenever eligibility of an improvement project is questionable. Bidding: Only 1 bid is required. All contractors must be properly licensed. Permits must be obtained when required by City ordinance. Sweat Equity: Not permitted. Property Inspection: Required. Eligible improvements will be determined through an analysis of the property. A CEE staff member will perform the analysis to determine the severity of the situation. 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 30 days of loan closing. Extensions may be granted by CEE. Underwriting Decision: CEE will review the application and submitted documentation for consideration for other home improvement programs prior to considering the application for the Emergency Repair Deferred Loan Program. CEE will approve or deny loans based on income verification and other criteria. This is a last resort program. The borrower must not be eligible for any other financing administered by CEE in order to obtain an Emergency Repair Deferred loan. CEE’s decision shall be final.