Laserfiche WebLink
Eligibility Criteria: <br />The following two <br />1.criteria must first be met to be eligible for the program funds <br />Home must have an existing Ramsey County assessed value at or below $216,000 for <br />Deleted: <br />00 <br />2005 with an 8% increase annually for normal inflation. <br />Deleted: <br />. <br />Home must be 25 years or older (built in 1979 or before). <br />Plus one or more <br />2.of the following criteria must be met <br />Homeowner(s) total household income must be at or below 120% of the current median <br />income in the Twin Cities Metropolitan area (Refer to income chart – modified annually). <br />Total household size must include three or more people of which one must be under the <br />age of 16. <br />The improvements will create at least a 40% increase in the property value of the home <br />within two years. The calculation of the anticipated increase will be based upon a <br />specific formula tied to the improvement costs. <br />Additional Design Criteria: <br />Two or more <br />1. of the improvements listed below must be demonstrated in the <br />reconstruction. <br />enlarged and improved kitchen <br />additional or enlarged bathroom <br />adding a master bedroom/couple's suite <br />adding a second story <br />creation of a main floor family room <br />adding a second garage stall and\or attaching a detached garage <br />providing additional street appeal with new front entry <br />2.An architect must design the improvement and be willing to sign an agreement with the <br />HRA. (attached) <br />3.The HRA will be permitted to video the final reconstructed home and\or hold an open <br />house to display it, and otherwise publicize it. This includes a right of the HRA to use <br />and duplicate the architectural plans, drawings and photos for publication. <br />4.The homeowner is required to sign an agreement (attached) with the HRA agreeing to <br />the specifications and criteria of the program. <br />2 <br /> <br />