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SCHEDULE A TO HRA RESOLUTION NO. ___-2015 <br />REVOLVING REHAB LOAN PROGRAM <br />1. Program Intent: This Program is intended to address the home improvement financing <br />needs of eligible homeowners residing in the City of Fridley. <br /> <br />2. Interest Rate: 4.5%. <br /> <br />3. Amortization Type: Amortizing – Closed-end: requires borrowers to make monthly <br />payments of Principal and Interest. <br /> <br />4. Loan Amount: Minimum: $1,000; Maximum: $50,000. <br /> <br />5. Total Project Cost/Match: It is the borrower’s responsibility to obtain the amount of funds <br />necessary to finance the entire cost of the work. In the event the final cost exceeds the <br />requested loan amount, the borrower must obtain the additional funds and show <br />verification of the additional funds in order to be approved for the loan. <br /> <br />6. Term: <br />• Minimum: 1 Year <br />• Maximum: 20 years <br />• Generally, one year per $1,000 borrowed <br />• No prepayment penalties apply <br /> <br />7. Eligible Borrowers: All borrowers must be a legal resident of the United States, as <br />evidenced by a social security number, including: <br />• U.S. Citizens <br />• Permanent Resident Aliens <br />• Non-Permanent Resident Aliens <br />• Tax identification numbers (ITIN) are not acceptable <br />• Properties held in a contract-for-deed are eligible as long as both parties, the <br />purchaser and seller, both sign the mortgage and the contract for deed holder signs <br />a letter giving their approval of the project. <br /> <br />8. Ineligible Borrowers: <br />• Foreign Nationals <br />• Non-Occupant Co-Borrowers <br />• Non-real person entities (such as Partnerships, Corporations, Trusts, etc.) <br /> <br />9. Eligible Properties: 1-4 unit residential properties located with the geographical <br />boundaries of the City of Fridley. <br /> <br />10. Ineligible Properties: <br />• Non-owner occupied (aka Absentee Owned) <br />• Dwellings with more than 4 units <br />• Co-ops <br />• Mobile Homes <br />• Manufactured homes <br />• Time shares