2008-04-15_Agenda - Laserfiche WebLink

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�� HI��4 Rcse�ille Y_ci_=inqa-,c Aede�:-]ayr-.�r,� �i�.:::�ri�-. ROSEVILLE HOME IMPROVEMENT LOAN PROGRAM GUIDELINES Loan Pool: The City of Roseville Housing & Redevelopment Authority (RHRA) has made approximately $268,000 available for exterior and interior home improvements in Roseville. Current available dollars for loans are based upon the fund balance for any given period. Proqram Overview: The loan program is designed to supplement existing loan programs available from MHFA, Ramsey County, private lenders and other similar sources. Eligible work shall include repairs, replacement or new construction that will: 1. Improve the exterior and/or interior of the property. 2. Correct local or state code deficiencies, health and safety items. 3. Improve handicap accessibility. 4. Reduce long-term maintenance and energy costs. Interest Rate: The loans will be at 4% interest. Eliqible Properties: All properties must be located within the City of Roseville. Owner-occupied single and duplex properties are eligible. Owner occupants of condominiums and townhouses will be eligible for this program for individual interior repairs ONLY. The home must be 25 years old or older. Income Eliqibilitv: The total household income must be at or below 120% of the current median household income as defined by HUD. Families may deduct $2,500 from their annual gross income for each child (16 and under) in the home. Familv Size 120% AMI (2008) 1 $67,920 2 $77,640 3 $87,360 4 $97,080 5 $104, 880 6 $112,560 7 $120,360 8 $128,160 Loan Amount: The maximum loan amount is $20,000. The maximum principle amount of a Roseville Home Improvement Loan, when combined with the outstanding balance(s) of any existing Roseville Home Improvement Loan (s), must not exceed $20,000. �., � . _„�:�� t �� ;�>- � �., ..�v _ti ��.. ,� , . . . ��.; � ° , :�_:� � �. . �: � �: ,.:., . � �� ,_t=�E� . w,�, d ., _ . .