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SCHEDULE B TO HRA RESOLUTION NO. ___-2015 <br />“LAST RESORT” EMERGENCY DEFERRED LOAN PROGRAM <br />1. Program Intent: The intent of the Fridley Last Resort, Emergency Deferred Loan <br />Program is to provide funds to owner-occupants of properties who face emergency <br />home repairs and are unable to obtain funds to repair the problem(s) through traditional <br />funding (loan) sources. With this in mind, applicant’s eligibility for other financing will be <br />analyzed prior to consideration of the Last Resort, Emergency Deferred Loan Program. <br />If the applicant qualifies for other program financing, then the applicant will not be <br />eligible for the Emergency Deferred Loan Program. An Emergency is defined as a <br />condition that makes a house uninhabitable, extremely dangerous to the occupants, or is <br />capable of causing severe health problems. <br /> <br />2. Interest Rate: 0%. <br /> <br />3. Amortization Type: Deferred. <br /> <br />4. Loan Amount: Minimum: $500; Maximum: $10,000. <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: The Deferred Loan is 100% due if the property ownership changes or a time <br />period of 20 years whichever comes first. The Authority, at its discretion, may extend <br />the maturity date of the Last Resort Loan. <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)