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older. <br />Income Eli�ibilitv: The total household income must be at or below 120% of the <br />current median household income as defined by HUD per family size. Families may <br />deduct $2,500 from their annual gross income for each child in the home. <br />Familv Size 120% AMI (2008) <br />1 $67,920 <br />2 $77,640 <br />3 $87,360 <br />4 $97,080 <br />5 $104, 880 <br />6 $112,560 <br />7 $120,360 <br />8 $128,160 <br />Loan Amount: The maximum loan amount is $20,000. The maximum principle <br />amount of a Roseville Home Improvement Loan, when combined with the outstanding <br />balance(s) of any existing Roseville Loan (s), must not exceed $25,000. <br />Green Desi�n Incentive: Any improvement that includes concepts of Green building <br />such as energy efficiency, resource efficiency (including durability), indoor environment <br />quality and water conservation may receive additional loan amounts up to $5,000 to <br />cover costs associated with the improvement. Improvements must be attached to the <br />house excludes rain gardens and sprinkler systems. <br />Interest Rate: The loans will be at 4% interest. <br />Su��ested 2008 Loan Fund: The strategic planning for the 2008 proposed budget had <br />$133,000 for additional loan funds to be put in ownership rehab loans along with <br />transferring the remaining dollar amounts of the pool balances from the Revolving Loan <br />Program of $31,712.83 and Family Home Ownership Rehab Loan of $104,962.71. This <br />would give a total balance of around $299,675.54. These funds would be provided out <br />of the existing 2008 budget. The HRC staff will use normal and customary underwriting <br />techniques as well as provide technical assistance with project bids and construction <br />monitoring. The HRC staff will also assure that proper permits are applied for and final <br />inspection has been approved. Additional language has been added for underwriting <br />decisions similar to other lending agencies that: <br />Loans will not be granted to properties with an existing reverse amortization mortgage, <br />interest-only option mortgage or other negative amortization mortgage product or <br />products. <br />Roseville Home Improvement Loan Program (04-15-08) - Page 3 of 4 <br />