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6c. Attachment I <br />MULTI-FAMILY LOAN PROGRAMS <br />RENTAL PROPERTY REHABILITATION LOANS <br />What: The Rental Rehabilitation Loan Program through the Ramsey County HRA provides assistance to rental property <br />owners who want to rehabilitate their properties or make energy improvements. <br />Terms: The program provides low-interest, long-term loans for rehabilitation. The rehab loan maximum is $350,000 and the <br />building must maintain permanent affordability for residents. Income of tenants must be less than 80% of the Area <br />Median Income. <br />Requirements <br />¤Owner must complete an application to qualify for the low interest rehab loan. <br />¤All residents must be income quali Ý ed. <br />Contact: City of Roseville at 651.792.7015 <br />MULTI-FAMILY RENTAL IMPROVEMENT PROGRAM <br />What: Multi-Family Rental Program provides Ý nancial assistance to owners and developers of rental properties in <br />Roseville. The program is designed to assist owners of properties that provide housing for low- and moderate- <br />income families and individuals. <br />Terms: This program assists property owners with the matching loan funds of a one-to-one (1:1) ratio for improvement <br />projects. The interest rate, when blended with any other loan program, will range between 0 and 6%. If the <br />property owner uses equity or replacement reserves, the maximum interest rate charged is 3%. The loan term <br />is 15 years or full repayment upon transfer or sale of the property. Debt to property value is not to exceed 90% <br />of the property value, and suf Ý cient cash Þ ow is required to pay back the loan. The maximum loan amounts are <br />$5,000 per unit up to an overall maximum of $50,000. For properties that need substantial rehabilitation, the <br />Roseville EDA Board will consider requests for additional funds. <br />Requirements <br />¤All properties must have the Roseville Police Community Relations Coordinator review improvements for crime <br />prevention. <br />¤Incorporation of green construction practices (properties must undergo an energy audit to identify and remedy <br />building operating de Ý ciencies). <br />¤Properties must have a Housing Quality Standards inspection and make required improvements to ensure that <br />standards are met. <br />¤All applicants must have acceptable credit (property owners must be current on mortgage/contract for deed payments <br />and property taxes). <br />Contact: City of Roseville at 651.792.7015 <br />CONDO TOWNHOUSE REHAB <br />What: Ramsey CountyÔs Housing Improvement Area (HIA) Financing provides town home or condo associations the ability <br />to fund permanent, exterior improvements and improvements essential to the operation of the building (such as <br />a boiler). The Ý nancing is facilitated by the City of Roseville and assists private property owners in revitalizing a <br />neighborhood, stabilizing the owner-occupancy level in a neighborhood or association, or addressing code violations. <br />Terms: Financing terms should not exceed 15 years. <br />Requirements <br />¤51% or more of the unitsÔ owners must be in favor of the Ý nancing. <br />¤Associations must show that traditional Ý nancing options are not feasible <br />¤Average market value of units may not exceed the maximum purchase price of existing homes under MinnesotaÔs Ý rst- <br />time homebuyer program. <br />Contact: Ramsey County HRA at 651.266-8000 or AskCED@co.ramsey.mn.us <br />April 2016 <br /> <br />