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<br /> >' '. <br /> , <br /> MINNESOTA PHASE IY <br /> HOUSING . <br /> . FINANCE <br /> AGENCY <br /> REHABILITKrIotf LOA}( .PROGRllH <br /> PROGRllH SUMARY <br /> I. General O@scription <br /> , <br /> The Kinnesota HOWJing Pinance Agency (HHPA) Rehabilitation Loan <br /> Progr4m provides deferred. payment loan.s to low income hO/1JJi!oOWners <br /> for housing i1l/Provements directly aLfecting the saLety, <br /> habitability, energy efficiency and acces 51 b il i ty of their <br /> homes. (A deferre>d palJlDf?nt loan (Deferred Loan) is a loan which <br /> nee-d not be repaid unless the borr""""r sells, tra1l$fers, or <br /> ctH$es to live in the i1llProve>d property ."ithin ten years of the <br /> doate of the loan. Mter the ten-year period expires, the loan <br /> is forgiven). The progr4m was cre.ate>d in 1981 to replace the <br /> Agency's Home I1lIProvement Gtant Progr4m, Accessibility-Progr4m, <br /> and EI11ergency Energy Conservation Grant progr4m, and is entering <br /> its fourth ph.ue. <br /> . The progr4m is prlJ:w.rlly funded through approprlatiollS from the <br /> State Leqislature. The funding level for the 1987-89 progr4m <br /> phase ."ill be $9 million. There ."ill also be a special $750,000 <br /> fund specifically t.uqete>d for accessib!li ty 1mproveaents. <br /> These frJr>cU .are distrlbute>d stat5'1de through local housing and <br /> redevelop/1lent aLlthori ties, c"......n1ty action agencies, and other <br /> DOlIl'rofit organizations IcnoNn as Administering Bntities. <br /> II. proqram Eliqibilitv <br /> Applicants IlIU5 t _t five eligibility crir:eria in order to <br /> qu.a.lUy for Cb.ls program. They .are _ follo>rs,: <br /> 1. The -. applicant's household /IIl.lSt have .an ~justed qro!SS <br /> .1l>Come of $7,000 Ot less. Ildjusted income is calculated by <br /> UJdng the gross 1.acolzIe [ iJJI: 1.." t nq all publi.c a=uunce <br /> payments) of all members of the household, ~ 18 or over, <br /> and deducting from that oAllIDW2t $1,000 per person. ItHFA may <br /> also all_ an extra deduction for ertraDrdirwzy med1cal <br /> costs. <br /> 2. The applicant /IIl.lSt com the ~rty to be Jmp~ and it <br /> //lUSt be hisrher principal place of residence. <br /> 3. The gross value of the applicant's assets [excluding the <br /> . property to be i1llP roved and two surrounding acres) cannot <br /> exceed. $25.000. <br /> 400 Sibley Street, Suite 300, SI. Paul, Minnesota 55101 (612) 296-7608 <br /> !""'_..~, ""'----, ._~, L' _ ~ '. - . - -" ...- . - - <br />