7.4. HRSR 02-07-2022 - Laserfiche WebLink

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City of Fridley HRA LOAN PROGRAM REVIEW - 2015 / 2016 October 29, 2015 Draft " Last Resort " Emergency Deferred Mobile Home Improvement Program Multi Family Exterior Improvement Loan Commercial Loan Program Closed End (Revolving Rehab) Eligible Borrowers All borrowers must be a legal resident of the United States, as evidenced by a social security number, including: *U.S. Citizens *Permanent Resident Aliens *Non-Permanent Resident Aliens * Tax identification numbers (ITIN) are not acceptable * Properties held in a contract-for-deed, or equivalent security for mobile homes, are eligible as long as both parties, the purchaser and seller, both sign the mortgage and the contract for deed holder signs a letter giving their approval of the project. All borrowers must be a legal resident of the United States, as evidenced by a social security number, including: *U.S. Citizens *Permanent Resident Aliens *Non-Permanent Resident Aliens * Tax identification numbers (ITIN) are not acceptable Applicants can be in the form of: *Sole proprietorship (schedule"C"). Sole-proprietors are required to be personal guarantors of the loan. *LLC *C-Corp *Partnerships *Non-Profit All businesses must be registered with the Minnesota Secretary of State. * Contracts-for-Deed are eligible as long as both parties, the purchaser and seller, both sign the mortgage and the contract for deed holder signs a letter giving their approval of the project. In-Eligible Borrowers * Foreign Nationals * Non-Occupant Co-Borrowers * Non-real person entities (such as Partnerships, Corporations, Trusts, etc.) * Properties held in a Contract-for-deed * Foreign Nationals * Non-Occupant Co-Borrowers * Non-real person entities (such as Partnerships, Corporations, Trusts, etc.) * Properties held in a Contract-for-deed (POSSIBLE CHANGE: Contracts-for-Deed are eligible as long as both parties, the purchaser and seller, both sign the mortgage and the contract for deed holder signs a letter giving their approval of the project.) Businesses not registered with the Minnesota Secretary of State Eligible Properties 1-4 unit residential properties located with the geographical boundaries of the City of Fridley. Residential mobile homes located with the geographical boundaries of the City of Fridley. 2-4 unit residential properties located within the City of Fridley * Commercially zoned Properties located within the City of Fridley. *The Fridley HRA or its designee will review all project proposals to determine the approved Location In-Eligible Properties *Non-owner occupied (aka Absentee Owned) *Dwellings with more than 4 units *Co-ops (* Mobile Homes ) *Manufactured homes *Time shares * Properties used for commercial purposes * Properties held in the name of a trust *Non-owner occupied (aka Absentee Owned) *Dwellings with more than 2 units *Co-ops *Manufactured homes *Time shares * Properties used for commercial purposes * Properties held in the name of a trust * Dwellings with more than 4 units *Co-ops (* Mobile Homes) *Manufactured homes *Time shares * Properties used for commercial purposes * Properties held in the name of a trust * As determined by the City of Fridley HRA prior to loan approval by CEE. * Non Commercially zoned properties * Mixed use properties Commercial & Residential Ownership/Occupancy Owner Occupied Owner Occupied Owner Occupied / Absentee Owned *Applicants must be owners of the property. 1-4 unit residential properties located with the geographical boundaries of the City of Fridley. *Non-owner occupied (aka Absentee Owned) *Dwellings with more than 4 units *Co-ops (* Mobile Homes) *Manufactured homes *Time shares * Properties used for commercial purposes * Properties held in the name of a trust All borrowers must be a legal resident of the United States, as evidenced by a social security number, including: *U.S. Citizens *Permanent Resident Aliens *Non-Permanent Resident Aliens * Tax identification numbers (ITIN) are not acceptable Owner Occupied * Foreign Nationals * Non-Occupant Co-Borrowers * Non-real person entities (such as Partnerships, Corporations, Trusts, etc.) * Properties held in a Contract-for-deed Page 7 of 11