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CEE :: City Financing Page 2 of 5 <br />Income Limit <br />• Applicants must have an annual household income of $96,600 or less. <br />Interest Rate (determined by household income and intended improvements) <br />• 4% fixed simple interest rate, if your household income is below $67,120. (APR' 4.138, based on $25,000 <br />and a 20 year loan term). <br />• 5% fixed simple interest rate, if your household is between $67,121 - $96,500. (APR" 5.143, based on <br />$25,000 and a 20 year loan term). <br />• APR' = Annual Percentage Rate. Rates and terms are subject to change. Rates are fixed. <br />The City of St. Louis Park will buy down the interest from 4%-3% and from 5%-4% if all the <br />improvements are eligible energy improvements determined by the Center for Energy and <br />Environment. <br />Eligible Properties <br />• Owner -occupied, 1-4 unit residential properties located in the City of St. Louis Park. Townhome and condo <br />associations are not eligible but individual condo and townhome owners are eligible. <br />Eligible Improvements <br />• Most improvements are eligible: interior or exterior remodeling and upgrades. <br />Loan Term <br />• Maximum repayment term 20 years. <br />back to top <br />Move Up in the Park Deferred Loan Program- you must close your loan before <br />you begin your project <br />First Come First Served, Limited funding available -for significant expansion projects in the home. <br />Loan Amount <br />• Minimum: $8,750 <br />• Maximum: $25,000 <br />Interest Rate <br />• 0% <br />Eligible Properties <br />• Owner -occupied, single family homes located in the City of St. Louis Park. <br />http://www.mncee.org/programs_residentiallhome_improvement financinglcity_program... 10/28/2010 <br />