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Tenant Income: At the time of loan application at least 51 % of the tenants must have household <br />incomes at or below 80% of the Metro Area Section 8 Median Income Standards. Applicant will <br />certify that total rental units, whether occupied or vacant, will meet this requirement. <br />Familv Size 80% AMI (2009) <br />1 $46,960 <br />2 $53,680 <br />3 $60,400 <br />4 $67,120 <br />5 $72,480 <br />6 $77,840 <br />7 $83,200 <br />8 $88,560 <br />Loan Amount: The maximum loan amount is $50,000* per building and a maximum loan amount of <br />$5,000 per unit. The minimum loan amount is $5,000. *(Larger loan requests need to be submitted <br />to the Roseville Housing and Redevelopment Authority). <br />Loan Term: The maximum loan term is 15 years. Full repayment of the loan would be due upon <br />transfer of title or sale of the property. <br />Loan Securitv: All loans will be secured by a mortgage in favor of the City of Roseville. <br />Eliqible Applicants: Included are individuals, corporations, general and limited partnerships and <br />limited liability companies. <br />Income and Credit: Applicants must have the ability to repay the loan. <br />All applicants will provide the following property information: Current Year Annual Budget, YTD <br />Income and Expense Report, Cash Flow Budget for the next year, Rent Roll, Rental License, One <br />Current Executed Lease; Personal Credit Reports will be obtained for individuals/principals. <br />Individual/Sole Proprietor applicant will provide personal 2 years Tax Returns w/all schedules and <br />worksheets. <br />Partnership or Corporation applicant will provide 2 years Tax Returns w/all schedules and <br />worksheets. Each principal will provide personal 2 years Tax Returns w/all schedules and <br />worksheets. <br />Personal Debt-To-Income will not exceed 40%. <br />Loan - to - Value Ratio: Loan-to-Value will be determined using current year county estimated <br />market value and all liens on the property including this loan. Applicants who have a potential "loan - <br />to - value" ratio in excess of 90% will be denied loan financing. <br />F:ACommoiiASuburban\RosevilleARent�IRe�hab\ProgramGuidelines 2 <br />GMHC Feb 17, 2009 <br />