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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />A B C D E F G <br />Exhibit A-21 <br />January 1, 2021 " Last Resort " Emergency Deferred Mobile Home Improvement <br />Program Senior Deferred Multi Family <br />Improvement Loan <br />Interest Rate 0%2.0%0%2.0% <br />Amortization Type Deferred Amortizing Deferred Amortizing <br />Loan Amount Minimum: $500 <br />Maximum: $10,000 <br />Minimum: $ 500 <br />Maximum: $ 10,000 <br />Minimum: $5,000 <br />Maximum: $25,000 <br />Minimum: $5,000 <br />Maximum: $ 50,000 (city may allow <br />higher amounts, case by case) <br />Total Project Cost/Match <br />Term <br />The loan is 100% due when the <br />borrower(s) sell(s), transfers ownership or <br />no longer occupies the property as the <br />borrower(s) primary residence. <br />Minimum: 1 Year <br />Maximum: 10-years <br />The loan is 100% due when the <br />borrower(s) sell(s), transfers ownership <br />or no longer occupies the property as <br />the borrower(s) primary residence. <br />Minimum: 1 Year <br />Maximum: 20-years <br />Eligible Borrowers <br />All borrowers must be a legal resident of <br />the United States, as evidenced by a <br />Social Security Number AND at least one <br />borrower must be at least 62 years of <br />age, including: <br />* US Citizens <br />* Permanent Resident Aliens <br />* Non-Permanent Resident Aliens <br />* Tax identification numbers (ITIN) are <br />not acceptable <br />* Contract for deeds are eligible <br />* Properties held in a Trust <br />All borrowers must be a legal resident <br />of the United States, as evidenced by a <br />social security number, or: <br />*A legal business registered with the MN <br />Secretary of State and must have been in <br />business for at least 2 years <br />* Properties held in a contract-for-deed <br />are eligible as long as both parties, the <br />purchaser and seller, both sign the <br />mortgage and the contract for deed <br />holder approves of the project. <br />*Properties held in a Trust <br />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 requested loan amount, the borrower must obtain the a <br />the additional funds in order to be approved for the loan <br />All borrowers must be a legal resident of the United States, as evidenced by a social security number, including: <br />*U.S. Citizens <br />*Properties held in a Trust <br />*Permanent Resident Aliens <br />*Non-Permanent Resident Aliens <br />* Tax identification numbers (ITIN) are not acceptable *Properties <br />held in a contract-for-deed are eligible as long as both parties, the purchaser and seller, both sign the mortgage and the <br />contract for deed holder signs a letter giving their approval of the project. <br />The City of Fridley Housing and redevelopment Authority has made funds available to improve homes in the City of Fridley. <br />The GUIDELINES TOOK EFFECT AS FOLLOWS: <br />October 13, 2015 - Closed End Revolving Rehab <br />January 1, 2016 - a Last Resort Loan Deferred Loan program <br />January 1, 2016 - a Mobile Home Improvement Revolving Loan Program <br />July 1, 2018 - 1-12 Unit Multi Family Improvement Revolving program <br />July 1, 2018 - Senior Deferred Loan Program <br />2021- Down Payment Assistance <br />Home Improvement <br />2.0% <br />Amortizing <br />Minimum: $1,000 <br />Maximum: $50,000 <br />Minimum: 1 Year <br />Maximum: 20-years