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17. Bids/Contractors: 1 contract bid required. All contractors must be properly <br />licensed or registered with the Minnesota Department of Labor (if applicable). <br />Permits must be obtained where required by the City of Brooklyn Park. <br />18. Multiple Loans: More than one loan per household/ property is permitted based <br />upon the availability of funds and the borrower’s ability to qualify. The cumulative <br />outstanding balance of all Home Improvement Loans can not exceed the program <br />maximum loan amount. The cumulative outstanding balance of all Brooklyn Park <br />loans cannot exceed $50,000. <br />19. Post Install Inspection: Prior to the release of loan proceeds, the property is <br />subject to inspection by a CEE representative or, where a permit is required, work <br />must be off by a City inspector. <br />20. Work Schedule: All work must be completed within 120 days of the loan closing. <br />However, when warranted, CEE may authorize extensions on a case by case <br />basis. <br />21. Disbursement of Funds: Funds are held by CEE and payment is made to the <br />contractor upon completion of work. An inspection will be performed by CEE (if a <br />permit is not required) to verify completion of the work. The following items (and <br />any additional as determined by CEE) must be received prior to disbursement of <br />funds: <br />1. Final invoice from contractor (or materials list from supplier) <br />2. Final inspection verification by CEE (if necessary) <br />3. Completion certificate(s) signed by borrower and contractor <br />4. Lien waiver for entire cost of work and <br />5. Evidence of required city permit pulled and inspected, where <br />applicable <br />22. Borrower Fees: 1% Origination Fee a Document Preparation Fee, mortgage filing <br />fees, title work, credit report, flood certification and any other applicable closing <br />costs. All fees may be financed. <br /> <br /> <br /> On-Bill Repayment Loan Program <br /> <br />1. Loan Amount: Loan amounts from $1,000 to $10,000. <br />2. Loan Term: Up to 5 years. <br />3. Interest Rate: 3% fixed interest rate if all borrowers have a credit score of at least <br />680 and 4% fixed interest rate for all borrowers with at least a 600 score.. <br />4. Loan-to-Value ratio: None. <br />5. Income Restrictions: No income limits, but the interest rate is determined by <br />projected gross income for all owners living in the property and household size. <br />6. Amortization: Monthly payments required <br />7. Security: None <br />8. Credit / Underwriting Requirements: All borrowers must meet all CenterPoint <br />Energy eligibility requirements. All mortgage payments and property taxes must be <br />current. All borrowers must have a minimum credit score of 600.