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2 <br />• Dwellings with more than 4 units <br />• Co-ops <br />• Mobile Homes <br />• Manufactured homes <br />• Time shares <br />• Properties used for commercial purposes <br />• Properties held in the name of a trust <br /> <br />11. Ownership/Occupancy: Owner Occupied. <br /> <br />12. Loan-to-Value: Maximum: 125%. <br /> <br />13. Income Limits/Requirements: Less than 115% of current HUD based on household size. <br />• All income must be derived from within the United States. <br /> <br />14. Debt-to-Income Ratio: Not Applicable. <br /> <br />15. Multiple Loans per Property/Borrower: More than one Last Resort Emergency Loan is <br />permitted based upon the availability of funds and the borrower’s ability to qualify. The <br />cumulative outstanding balance of all Last Resort Emergency Loans on the property <br />cannot exceed the maximum loan amount of $10,000. <br /> <br />16. Eligible Improvements: Eligible improvements will be determined through a required <br />analysis of the emergency condition of the property. CEE’s Rehabilitation Counselor will <br />perform the analysis to determine the severity of the situation and whether the intended <br />improvement is an emergency. An emergency is defined as a condition that makes a <br />house uninhabitable, extremely dangerous to the occupants, or is capable of causing <br />severe health problems. <br />• Property Emergency Inspection Fees Apply and will be Invoiced to the City. <br /> <br />17. Ineligible Improvements: Work initiated before the loan has been approved and closed. <br />Recreational items including gazebos, pools, hot tubs, saunas, lawn sprinklers, play <br />ground equipment; Furniture and non permanent appliances; Funds used for working <br />capital, debt management, or to refinance existing loans; Personal property items, and <br />repairs to property used for business or trade purposes. Funds cannot be used to rent or <br />purchase equipment needed to complete the project. <br /> <br />18. Sweat Equity/Homeowner Labor: Sweat equity is not permitted in this program. <br /> <br />19. Pre-Property Inspection: A property inspection will be performed by a CEE <br />representative prior to the loan closing to determine that the project is an emergency as <br />defined by the description above of Eligible Improvements. <br /> <br />20. Post-Install Inspection: Prior to the release of loan proceeds, the property is subject to <br />inspection by a CEE inspector or, where a permit is required, work must be signed off by <br />a City inspector. <br /> <br />21. Contractors/ Permits: Contractors must be properly licensed to work in the City of <br />Fridley. Permits must be obtained when required by city ordinance. <br />