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• Electrical updates required due to related energy improvement <br />• Asbestos and Radon mitigation <br />• Repairs or repainting of wall surfaces damages by installation of eligible <br />insulation projects <br />• Modifications or cleaning of venting or duct-work necessary to install water <br />heaters or heating equipment <br /> <br />15. <br />Ineligible Improvements: Work initiated prior to the loan being approved and <br />closed (exceptions will be made case by case if immediate replacement is needed). <br />• Furnace and boiler tune-ups <br />• New construction <br />• Solar <br />• Electric appliances <br />• Projects not listed as an eligible improvement or not determined to be an eligible <br />improvement by CNP or CEE. <br />• CEE will refer to CNP whenever eligibility of an improvement project is <br />questionable <br />16. Sweat Equity: Not permitted. <br />17. Bids/Contractors: 1 contract bid required. All contractors must be properly <br />licensed and be an eligible contractor with CenterPoint Energy. Permits must be <br />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 On-Bill Repayment 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: None. <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 basis. <br />21. Disbursement of Funds: Funds are disbursed to the borrower at closing. <br />22. Borrower Fees: A Document Preparation and credit report fee., <br /> <br /> <br /> Senior Deferred Loan Program <br /> <br />1. Loan Amount: Loan amounts from $2,000 to $25,000. <br />2. Amortization Type: Deferred <br />3. Loan Term: Loan is due upon sale, transfer of ownership or no longer occupied by <br />the borrower as their primary residence. <br />4. Interest Rate: 0% <br />5. Loan-to-Value ratio: 110%. <br />6. Income Limit: None