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2 <br />11. Ownership/Occupancy: Owner occupancy not required. <br /> <br />12. Loan-to-Value: Maximum: 115%. <br /> <br />13. Income Limits/Requirements: No Income Limits. <br />• All income must be derived from within the United States. <br /> <br />14. Debt-to-Income Ratio: Max 50%. <br /> <br />15. Multiple Loans per Property/Borrower: More than one loan per property is permitted <br />based upon the availability of funds and the borrower’s ability to qualify. The cumulative <br />outstanding balance of all loans in this Program on a property cannot exceed $50,000. <br /> <br />16. Eligible Improvements: <br />• Improvements that correct City code violations <br />• Improvements to the exterior of residential structures including but not limited to: <br />siding, painting, exterior windows & doors, and tuck pointing. <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: None. <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 /> <br />22. Bids: 1 bid is required. Bids must detail the scope of the work to be completed, the <br />associated cost(s) and any rebates. <br /> <br />23. Work Completion: All work must be completed within 120 days of the loan closing. <br />However, when warranted, CEE may authorize extensions on a case by case basis as <br />warranted. <br /> <br />24. Underwriting: Applicants will be evaluated on a first-come first-served basis and will be <br />offered loan terms that are most favorable based on the applicants unique situation. In <br />addition to CEE's standard underwriting criteria, applicants must: <br />• Not have any payments more than 60-days late in the past 12 months; <br />• No Bankruptcy in the past 18 months (without reasonable explanation) <br />• Be current on all mortgage payments <br />• Be current on all real estate taxes