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City of Fridley HRA LOAN PROGRAM REVIEW - 2015 / 2016 <br />October 29, 2015 <br />Draft " Last Resort " Emergency Deferred Mobile Home Improvement Program Multi Family Exterior <br />Improvement Loan Commercial Loan Program <br /> <br />Closed End (Revolving Rehab) <br />Loan-to-Value Not Greater Than 125%115%115% <br />Maximum 115% <br />Value is based on current county property tax statement <br />OR a commercial appraisal (provided by the applicant) <br />less than 12-months old as of the date of application. <br />Less than 115% of current HUD based on household size No Income Limits No Income Limits <br />Applicants must provide the following documentation: <br />*Most recent 2-years Federal tax returns for the <br />business <br />*A year-to-date P&L statement <br />Debt-to-Income Ratio NA Max 50%Max 50% <br />Applicants must demonstrate their ability to repay the <br />loan through a current profit and loss statement, <br />including a cash flow analysis is that reflects income is <br />sufficient to cover the loan payments before <br />depreciation. <br />Multiple Loans per <br />Property/Borrower <br />More than one last Resort Emergency Loan is permitted based <br />upon the availability of funds and the borrower’s ability to <br />qualify. The cumulative outstanding balance of all Fridley <br />emergency loans on the property, including cannot exceed the <br />maximum loan amount of $10,000. <br />More than one loan per household/property is permitted based <br />upon the availability of funds and the borrower’s ability to qualify. <br />The cumulative outstanding balance of all Fridley Mobile Home <br />Loans on the property cannot exceed $10,000. <br />More than one loan per property is permitted <br />based upon the availability of funds and the <br />borrower’s ability to qualify. The cumulative <br />outstanding balance of all Fridley Multi Family <br />Program Loans on the property cannot exceed <br />THE MAXIMUM Loan Amount CURRENTLY <br />$50,000. or <br />More than one loan per property is permitted based <br />upon the availability of funds and the borrower’s ability <br />to qualify. The cumulative outstanding balance of all <br />Fridley Commercial Program Loans on the property <br />cannot exceed THE MAXIMUM Loan Amount. <br />Eligible Improvements <br />* Eligible improvements will be determined through a required <br />analysis of the emergency condition of the property. CEE’s <br />Rehabilitation Counselor will perform the analysis to <br />determine the severity of the situation and whether the <br />intended improvement is an emergency. An emergency is <br />defined as a condition that makes a house uninhabitable, <br />extremely dangerous to the occupants, or is capable of causing <br />severe health problems. * Property Emergency <br />Inspection Fees Apply and will be Invoiced to the City . <br />Most Interior and Exterior improvements <br />* Improvements that correct City code violations <br />* Improvents to the exterior of residential <br />structures including but not limited to: siding, <br />painting, exterior windows & doors, and tuck <br />pointing. <br />* The City of Fridley HRA will review and approve <br />projects to determine eligibility. Most Interior and Exterior <br />115% <br />NA <br />Max 50% <br />More than one loan per household/property is <br />permitted based upon the availability of funds and the <br />borrower’s ability to qualify. The cumulative <br />outstanding balance of all Fridley loans on the <br />property, including deferred loans cannot exceed <br />$50,000 <br />* All income must be derived from within the United States.* All income must be derived from within the United States. <br />Income Limits/ <br />Requirements <br />Page 8 of 11