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CEE :: City Financing <br />Income Limit <br />Page 3 of 5 <br />• Applicants adjusted gross household income must be less than 120% of the HUD area median income, (see <br />chart below) <br />• The determining income shall be based on the adjusted gross income from your most recent Federal Tax <br />return. <br />Family Size <br />120% of Median <br />1 <br />$70,560 <br />2 <br />$80,640 <br />3 <br />$90,720 <br />4 <br />$100,800 <br />5 <br />$108,960 <br />6 <br />$117,000 <br />7 <br />$125,040 <br />8+ <br />$133,080 <br />Loan Term <br />• Loan term is 30 years. If you continue to own and live in the property for 30 years, the loan Is 100% <br />forgiven. <br />• Loan may be repaid at any time without penalty. <br />Origination Fee <br />• An origination fee of 3% of the loan amount will be required from the borrower at time of closing. <br />Eligible Improvements <br />• The square footage of the property must be significantly increased as a result of this project. <br />Match Ratio <br />• The City of St. Louis Park will pay for 25% of the total cost of your project up to $25,000. For example, the <br />city will fund $20,000 for a project totaling $80,000. <br />back to top <br />Home Energy Loan Program <br />The Home Energy Loan Program is a statewide program that offers low interest loans to homeowners that want to <br />make energy improvements to their properties. This program is only offered by the Center for Energy and <br />Environment. <br />Home Energy Loan Application - Complete the application and send it to the Center for Energy and Environment <br />at 212 3rd Avenue North, Suite 560, Minneapolis, MN 55401 or fax it to (612) 335-2650. <br />Loan Terms <br />• Maximum loan amount is $10,000 <br />• Interest rate 6.5% <br />http://www.mncee.org/programs_ residentiaVhome_improvement financing/city_program... 10/28/2010 <br />