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CEE:: City Financing • Maximum term 5 years • All loans will be secured by a mortgage Eligible Borrowers • No Maximum Income Limitl • Borrowers must own the property or be purchasing it through a mortgage or contract for deed Eligible Structures • Owner -occupied, 1-4 unit properties • Up to 49% of the residence may be used for business • Property must have been built prior to May 1, 1989 back to top Proof of Income • If you are employed: submit copies of your two most recent paystubs. • If you are retired: submit a copy of your social security benefits or pension. • If you are self-employed: submit copies of your Federal Tax Returns for the last 2 years Architectural Design Service Page 4 of 5 For assistance in the design of your expansion project, the city offers an architectural design service. For more info visit www.stlouispark.org/ For Residents/Your Home/Remodeling or call (952) 924-2196. Contractors Loan recipients must submit bids and/or materials lists. All contractors must be properly licensed to work in the City of St. Louis Park. The Center for Energy and Environment will verify that contractors are licensed. It is important that you are satisfied with the bid or estimate you have selected. The Center for Energy and Environment offers assistance in helping you compare and understand the estimates you collect. Optional Sweat Equity (for the do-it-yourselfer) Applicants must clearly demonstrate the ability to complete high quality work within the required time period. Loan funds will be allowed for materials only, property owners will not be compensated for their labor. Note: Loan funds will not be disbursed until the project is complete. Disbursement of Funds You will have 180 days from the date of your loan closing with CEE to complete your improvements. Loan funds will be paid only after the work is completed and Inspected and the following is provided: • Signed completion certificate by the homeowner indicating satisfaction with the work and authorizing payment to the contractor • Signed completion certificate by the contractor • Final contractor invoice • Lien waiver from the contractor for the entire amount of the project; homeowner must tum in receipts for sweat equity projects • Evidence of required building permits • CEE inspection of the property to verify the completion of the work when required by the City of St. Louis Park. http://www.emcee.org/programs_residentiallhome_improvement financing/city_program... 10/28/2010