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<br />City of Ramsey <br />MASTER HOUSING PLAN <br /> <br />-----------------------------.-------------------------------------------------------.---- <br /> <br />Non-HRA Funded Financial Resources Available to Ramsey Residents <br /> <br />1. Housing Improvement Programs: <br /> <br />a. Minnesota Housing Fix-Up Loan Program - low interest rate loans to qualifying <br />homeowners. The Fix-Up Fund was established to improve the basic livability and/or energy <br />efficiency of the borrower's home. <br /> <br />b. Home Rehab Loan Program - Up to $15,000 in zero interest deferred payment and <br />interest loan funds provided by Anoka County Community Development Block Grant for <br />necessary home improvements. The program is available for low-income households and is <br />administered by the Housing Resource Center North Metro at 651-481-7401. <br /> <br />2. Homebuyer Programs: <br /> <br />a. First Time Homebuyer Low Interest Loan Program - administered by the County and <br />Financed by Minnesota Housing. Low interest first mortgages provided to first time <br />homebuyers within Anoka County. <br /> <br />b. Down Payment Assistance - Administered by ACCAP, the program is designed to help <br />first time homebuyers purchase homes more affordably by providing deferred loans that can <br />be used for down payment assistance. Eligible buyers may qualify for up to $5,000 with 0% <br />interest to bring their monthly housing costs down to 30% of income. The principle only <br />mortgage must be repaid when the property is sold. <br /> <br />c. Family Assets for Independence in Minnesota (FAIM II) - Administered through <br />ACCAP for Anoka County residents the program enables persons with a low-wage job to <br />build assets through long-term savings. Each participant commits to 12 hours of frnancial <br />management educational workshops. Participants deposit a portion of their income into a <br />Family Asset Account that generates a 3: 1 match in this program. Up to $120 a month is the <br />maximum match amount for an eligible F AIM participant if they deposit up to $40.00 into <br />their account. The account can be used only to buy a home, higher education expenses, or to <br />begin a small business. <br /> <br />d. Habitat for Humanity - Habitat for Humanity forms a partnership with families that need <br />and want decent housing and are willing to build or renovate housing. Habitat is a national <br />model for increasing affordable home ownership through a series of financing and <br />educational methods and has been implemented with success in the City of Ramsey. <br /> <br />e. Community Land Trust - A community land trust model of financing provides affordable <br />housing on a long-tenn basis. The homeowner owns the house but the community land trust <br />owns the land underneath the house and provides the homeowner with a 99-year, renewable <br />ground lease. A resale clause helps to ensure affordability of the unit for the long term. The <br /> <br />February 2008 <br /> <br />City of Ramsey Master Housing Plan <br /> <br />Page 25 <br />