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) Work Completion All work must be completed within 30 days of the loan closing. However, when warranted, CEE may authorize extensions on a case by case basis as warranted. Underwriting Applicants will be evaluated on a first-come first-served basis. Applicant's must not be able to qualify for any other financing to be eligible for the Emergency Last Resort Program. In addition, applicants must also: * Be current on all mortgage payments * Be current on all real estate taxes and assessments * Not have any unpaid judgments or liens * Have a pending Bankruptcy or foreclosure Applicants will be evaluated on a first-come first-served basis and will be offered loan terms that are most favorable based on the applicants unique situation. In addition to CEE's standard underwriting criteria, applicants must: * Not have any payments more than 60-days late in the past 12 months; * No Bankruptcy in the past 18 months(without reasonable explanation) * Be current on all mortgage payments * Be current on all real estate taxes * Any liens or judgments against the property must be used in the TLTV calculation Applicants will be evaluated on a first-come first- served basis and will be offered loan terms that are most favorable based on the applicants unique situation. In addition to CEE's standard underwriting criteria, applicants must: * Not have any payments more than 60-days late in the past 12 months; * No Bankruptcy in the past 18 months (without reasonable explanation) * Be current on all mortgage payments * Be current on all real estate taxes * Any liens or judgments against the property must be used in the TLTV calculation 1) No Bankruptcy within past 18 months (without reasonable explanation), as disclosed in the O&E report 2) Any judgments / collections / liens against the property, as disclosed in the O&E report, must be included in the TLTV calculation. 3) Real-estate taxes for the property must be current 4) A business Creditsafe Report will be used to evaluate the business history & credit rating Disbursement of Funds Funds are held by CEE in a non-interest bearing account and payment is made to the contractor (or owner in sweat equity situations) upon completion of work. An inspection will be performed by the City and/or CEE to verify satisfactory completion of the work. The following items (and any additional as determined by CEE) must be received prior to final disbursement of funds: 1. Final invoice from contractor (or materials list from supplier) 2. Final inspection verification by CEE (if necessary) 3. Completion certificate(s) signed by borrower and contractor 4. Lien waiver for entire cost of work and 5. Evidence of required city permit, where applicable Funds are held by CEE in a non-interest bearing account and payment is made to the contractor (or owner in sweat equity situations) upon completion of work. An inspection will be performed by the City and/or CEE to verify satisfactory completion of the work. The following items (and any additional as determined by CEE) must be received prior to final disbursement of funds: 1. Final invoice from contractor (or materials list from supplier) 2. Final inspection verification by CEE (if necessary) 3. Completion certificate(s) signed by borrower and contractor 4. Lien waiver for entire cost of work and 5. Evidence of required city permit, where applicable Funds are held by CEE in a non-interest bearing account and payment is made to the contractor (or owner in sweat equity situations) upon completion of work. An inspection will be performed by the City and/or CEE to verify satisfactory completion of the work. The following items (and any additional as determined by CEE) must be received prior to final disbursement of funds: 1. Final invoice from contractor (or materials list from supplier) 2. Final inspection verification by CEE (if necessary) 3. Completion certificate(s) signed by borrower and contractor 4. Lien waiver for entire cost of work and Funds are held by CEE in a non-interest bearing account and payment is made to the contractor (or owner in sweat equity situations) upon completion of work. An inspection will be performed by the City and/or CEE to verify satisfactory completion of the work. The following items (and any additional as determined by CEE) must be received prior to final disbursement of funds: 1. Final invoice from contractor (or materials list from supplier) 2. Final inspection verification by CEE (if necessary) 3. Completion certificate(s) signed by borrower and contractor 4. Lien waiver for entire cost of work and 5. Evidence of required city permit, where applicable Loan Servicing All work must be completed within 120 days of the loan closing. However, when warranted, CEE may authorize extensions on a case by case basis as warranted. All work must be completed within 120 days of the loan closing. However, when warranted, CEE may authorize extensions on a case by case basis as warranted. CRF = Community Reinvestment Fund will process all loan repayments CRF = Community Reinvestment Fund will process all loan repayments Funds are held by CEE in a non-interest bearing account and payment is made to the contractor (or owner in sweat equity situations) upon completion of work. An inspection will be performed by the City and/or CEE to verify satisfactory completion of the work. The following items (and any additional as determined by CEE) must be received prior to final disbursement of funds: 1. Final invoice from contractor (or materials list from supplier) 2. Final inspection verification by CEE (if necessary) 3. Completion certificate(s) signed by borrower and contractor 4. Lien waiver for entire cost of work and 5. Evidence of required city permit, where applicable Applicants will be evaluated on a first-come first- served basis and will be offered loan terms that are most favorable based on the applicants unique situation. In addition to CEE's standard underwriting criteria, applicants must: * Not have any payments more than 60-days late in the past 12 months; * No Bankruptcy in the past 18 Months (without reasonable explanation) * Be current on all mortgage payments * Be current on all real estate taxes Page 10 of 11