HomeMy WebLinkAbout3B, Housing Rehabilitation Loan Program�
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Req�est for +Counci� Action
�repared Sy: 3i11 Hutmacher, Communi�ty� Cauncil Meeting Dat�: March 26, 2412
Development Directar
I�t�us��g Reh�bil��a�ian I.4a�► Program
Budgetcd Atno�ni: Actual AmQu�t: Fu�ding So�ce.
l�►IIA 1'�i1A N1A
Reeo�nmendat�ar�;
Inforrr�ational anty. Na acii�n requireci.
Supporti�►� Documents.
1. Memc�randum dated March 2C, 2�12, frarn 3i�1 H�tmacher, Communiry Ue�elapment Director,
�
-�.�N I�ILLS
MEM[}RANI3iIM
DATE: March 26, 2012
TO: Honorable Mayar and Councilmemhexs
FRUM: Jitl Hutmaeher, C�a�a�.uniiy II��elapment Directc�r j�
SUB.�EC�'; Hou�ing Rehabiliia�tion Loaz� Prvgrarn
�am�ey Cnunty adrninis[ers a res�d�n�ial rehabiiitat�on deferred laan pragram f�r residents e�f
suburban Ramsey County. HoFrye loans af �ap to $15,[10Q may be used for hasic and necessary
improvement� which make the ��rne more li�abie, xnore energy e�ficient, or rnore accc;ssible for
disabled perst��s. The types rrf p�ojects elig�bie for funding include:
# Rep�acizzg a deterioratin� ro+�f;
• �eplacing an old, inefficient furxaa�e;
+ Installing new storrn wir�dows and dr�ar�,
* Updating electrical and plurn.biz�g sys�etr�s to meet cade; and
* Making aecessibility impro�ennents ta rr3eet ihe needs o�disabled persans.
Lraw� and rr►�d�raie-�ncazne homecawners are eligit�le far the loan pragram. F�r law-incom�e
P�c�usei�€�lds, the ivan wiil be fc�rgi�en after ten years in the home. �or maderate-ineozne
hausehald�, the l�an must be repaid iz� full �r�en the hcrmeawz�er re�nance�, s�lls, t.rrartsfers
interest, ar r�oves from the prvper�y. In both c�es, ioans have nc� interest a.�r.d nc� monthly
payment.
Lr�ans funds are a�ailab�e on a first-c4me, f r�t-sezved basis. Although there has l�een a waiting
list fc�r laan funds in the past, Ra�asey Caunty rece�tly a�€�aunced �hat there i� currently no
waiting list. Far more infozx��.tion �r� �li�ible impro�ements and income quali�icatians, residents
ean call the Houszng Resource Center at 65I-4�8�i-7�01.
City raf�frden Hills
City Councid �eetirag Ma�ch 2G, 2!?I2
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