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1 <br /> <br />July 2017 <br />Notes on Housing Revitalization Programs <br />While there are plenty of low-interest loans available to homeowners, grants and rebates were few <br />and far between. <br />Loans available to residents fell into five main categories: <br />1. Affordability: Homeowner assistance programs that help buyers afford homes offer <br />assistance with down payments or a lower-than-average interest rate. Some programs <br />require attendance of an additional education seminar or course in order to qualify for these <br />funds. <br />2. Remodeling: Loans with lower interest rates for home improvement financing. Many loans <br />are forgiven after a set period of occupancy time, typically 10 or more years. Some programs <br />require licensed contractors to complete the work, others do not. GMHC is typically where <br />these loan applications are directed to. <br />3. Emergency & Safety: Emergency programs are in place to assist homeowners who need to <br />complete projects to meet minimum housing quality standards or who have emergency <br />conditions that are an immediate threat to health or safety. Loans are typically forgiven if <br />owner lives in house for 10 or more years. <br />4. Energy & Accessibility: Businesses and non-profits involved with clean energy often offer <br />loans with lower interest and longer terms to homeowners who are interested in improving <br />energy and water efficiency in their house. <br />5. Building: Loans are available to property owners of multi-family homes, manufactured <br />homes, condominiums/townhomes, and other rental properties that may need remodeling in <br />order to remain attractive and modernized for renters. <br />Some areas of concern for New Brighton: <br />- Aging population not remodeling homes (decreasing property values) <br />- Younger population cannot afford New Brighton homes as first time homebuyers <br />- Affordability of low-income housing when considering renovations <br />Current programs New Brighton residents can utilize: <br />- MHFA Programs <br />o Fix Up Loan – Secured <br />o Fix Up Loan – Unsecured <br />o Rehabilitation/Emergency Loan <br />o Accessibility Loan Program <br />o Quick Start Disaster Recovery Program <br />o Low & Moderate Income Rental Program <br />o HUD 233F Program <br />o Low Income Housing Tax Credit <br />- MN CEE Programs <br />o Home Improvement Loan <br />o Solar Financing Program <br />o Home Energy Loan Program