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� <br />-�.�N I�ILLS <br />MEM[}RANI3iIM <br />DATE: March 26, 2012 <br />TO: Honorable Mayar and Councilmemhexs <br />FRUM: Jitl Hutmaeher, C�a�a�.uniiy II��elapment Directc�r j� <br />SUB.�EC�'; Hou�ing Rehabiliia�tion Loaz� Prvgrarn <br />�am�ey Cnunty adrninis[ers a res�d�n�ial rehabiiitat�on deferred laan pragram f�r residents e�f <br />suburban Ramsey County. HoFrye loans af �ap to $15,[10Q may be used for hasic and necessary <br />improvement� which make the ��rne more li�abie, xnore energy e�ficient, or rnore accc;ssible for <br />disabled perst��s. The types rrf p�ojects elig�bie for funding include: <br /># Rep�acizzg a deterioratin� ro+�f; <br />• �eplacing an old, inefficient furxaa�e; <br />+ Installing new storrn wir�dows and dr�ar�, <br />* Updating electrical and plurn.biz�g sys�etr�s to meet cade; and <br />* Making aecessibility impro�ennents ta rr3eet ihe needs o�disabled persans. <br />Lraw� and rr►�d�raie-�ncazne homecawners are eligit�le far the loan pragram. F�r law-incom�e <br />P�c�usei�€�lds, the ivan wiil be fc�rgi�en after ten years in the home. �or maderate-ineozne <br />hausehald�, the l�an must be repaid iz� full �r�en the hcrmeawz�er re�nance�, s�lls, t.rrartsfers <br />interest, ar r�oves from the prvper�y. In both c�es, ioans have nc� interest a.�r.d nc� monthly <br />payment. <br />Lr�ans funds are a�ailab�e on a first-c4me, f r�t-sezved basis. Although there has l�een a waiting <br />list fc�r laan funds in the past, Ra�asey Caunty rece�tly a�€�aunced �hat there i� currently no <br />waiting list. Far more infozx��.tion �r� �li�ible impro�ements and income quali�icatians, residents <br />ean call the Houszng Resource Center at 65I-4�8�i-7�01. <br />City raf�frden Hills <br />City Councid �eetirag Ma�ch 2G, 2!?I2 <br />Page 1 of 1 <br />