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CEE :: City Financing Page 3 of 4 Home Improvement Rebates Eligible Properties • Single family, owner -occupied residential structures, built prior to 1970, located in the City of Anoka. Income Limit • Applicants must have an annual household income of less than $89,000 Rebate Amounts - only one type of rebate per household is allowed The homeowner may receive up to 10% of the cost of their eligible project in the form of a rebate. The project of material costs must exceed $2,500 to be eligible for the rebate program. Maximum rebate amounts vary according to category: • Mechanical Improvement Rebate: $1,000 • Structural Improvement Rebate: $2,000 • Foundation Improvement Rebate: $2,000 Eligible Improvements Mechanical Improvement Rebate: Electrical upgrades, plumbing upgrades, and heating/ventilation upgrades. All improvements must meet current building code requirements in order to qualify for a rebate. Structural Improvement Rebate: Structural improvements or additions that provide a net increase in finished square footage of the home. Improvements must meet current building and zoning requirements to qualify for a rebate. Foundation Improvement Rebate: Foundation repairs or upgrades that improve the safety and livability of the home. Eligible improvements include foundation repair or replacement, drainage, insulation, and egress windows. Interior basement construction or finish projects are not eligible for a rebate 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. Contractors Loan recipients must submit bids or materials lists. All contractors must be properly licensed to work in the City of Anoka. 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. You must close on the loan prior to beginning project(s). Loan funds will be paid only after the work is completed and inspected and the following is provided: http://www.mncee.org/programs_residentiallhome_improvement financing/city_program... 10/28/2010