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City of Ramsey 2030 Comprehensive Plan Update <br />Chapter 7: Housing Plan <br />improvements. The program is available for low-income households and is administered by the <br />Housing Resource Center North Metro at 651-481-7401. <br />2. Homebuyer Programs: <br />a. First Time Homebuyer Low Interest Loan Program — administered by the County and Financed <br />by Minnesota Housing. Low interest first mortgages provided to first time homebuyers within Anoka <br />County. <br />b. Down Payment Assistance — Administered by ACCAP, the program is designed to help first time <br />homebuyers purchase homes more affordably by providing deferred loans that can be used for down <br />payment assistance. Eligible buyers may qualify for up to $5,000 with 0% interest to bring their <br />monthly housing costs down to 30% of income. The principle only mortgage must be repaid when <br />the property is sold. <br />c. Family Assets for Independence in Minnesota (FAIM II) — Administered through ACCAP for <br />Anoka County residents the program enables persons with a low -wage job to build assets through <br />long-term savings. Each participant commits to 12 hours of fmancial management educational <br />workshops. Participants deposit a portion of their income into a Family Asset Account that <br />generates a 3:1 match in this program. Up to $120 a month is the maximum match amount for an <br />eligible FAIM participant if they deposit up to $40.00 into their account. The account can be used <br />only to buy a home, higher education expenses, or to begin a small business. <br />d. Habitat for Humanity - Habitat for Humanity forms a partnership with families that need and want <br />decent housing and are willing to build or renovate housing. Habitat is a national model for <br />increasing affordable home ownership through a series of financing and educational methods and has <br />been implemented with success in the City of Ramsey. <br />e. Community Land Trust - A community land trust model of financing provides affordable housing <br />on a long-term basis. The homeowner owns the house but the community land trust owns the land <br />underneath the house and provides the homeowner with a 99-year, renewable ground lease. A resale <br />clause helps to ensure affordability of the unit for the long term. The initial subsidy in the project can <br />then be retained and applied to subsequent buyers, while also rewarding homeowners with equity <br />and a portion of the market value increase, allowing them to eventually move into market rate <br />housing. This method has been implemented successfully within many counties throughout the <br />metropolitan area. Currently there are no available land trust entities within Anoka County. <br />However, the Ramsey HRA may find this method desirable to meet their affordable housing goals <br />and could encourage Anoka County to pursue the establishment and/or funding of a Community <br />Land Trust within the County. <br />3. Foreclosure Prevention <br />a) Prevention Counseling & hotline provided by ACCAP for Anoka County residents — 763-783- <br />4747. <br />4. Energy Assistance <br />a) MN Energy Loans - low interest (6.625%) fixed rate loan up to $35,000 for energy improvements <br />administered by the Neighborhood Energy Center - 651-221-4462 x132. Household income must be <br />less than $89,000. An energy audit is required and typical improvements might include air <br />conditioning replacement, furnace replacement, kitchen & bath fans, new windows, insulation, water <br />heater replacement, hard -wired lighting and weatherization. The program will also fund renewable <br />City of Ramsey 2030 Comprehensive Plan Page 7-21 <br />