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Ramsey will evolve through citizen -driven, collaborative processes that respect the balance and connectivity between its unique urban, rural, and natural environment for current and future generations. When we would use this: The City of Ramsey does not maintain this program. 9. Low Income Energy Assistance Program The Low Income Energy Assistance Program (EAP) helps pay for heating costs and furnace repairs for low-income households. In order to be eligible, households must be at or below 50% AMI for the state. This program is eligible to homeowners and renters. Services may include: payment of energy bills, education on safe energy use, repair or replacement of broken heating systems, and help with utility disconnections or fuel deliveries. The 2017 income limit for a household of 4 to be eligible for this program is $48,077. When we would use this: The City of Ramsey does not maintain this program, but believes it to be a great opportunity for potential homebuyers. Because so much of the City has naturally -occurring affordable housing, the City expects to see first time homebuyers purchasing properties in Ramsey. This type of program is an excellent tool to point those types of residents towards. Additionally, this type of program supports low-income individuals, and supports the City of Ramsey's goal and mission to provide lifecycle housing options and affordable housing options. When we would use this: The City of Ramsey does not maintain this program. Federal Programs When we would use this: Federal program are managed by the Federal Government; however, they are noted in this section of the Comprehensive Plan Update to provide additional information to residents seeking guidance or specific tools to increase homeownership. The City of Ramsey is supportive of these types of programs and will guide residents towards these programs in order to increase homeownership rates within the City, and provide opportunities for residents who many not have the option to purchase a home without these types of programs, specifically low-income residents and people of color. These programs have income limits, and therefore would be helpful for residents with lower incomes. 1. FHA Loans Federal Housing Administration (FHA) loans typically have lower interest rates and smaller down payments than other loans. They also have low closing costs and are typically available to first-time homebuyers and those who are trying to make their homes more energy efficient (FHA Energy -Efficient Mortgage). 2. FHA Down Payment Assistance Federal Housing Administration (FHA) loans typically have lower interest rates and smaller down payments than other loans. They also have low closing costs and are typically available to first-time homebuyers and those who are trying to make their homes more energy efficient (FHA Energy -Efficient Mortgage). City of Ramsey 2040 Comprehensive Plan Update Housing Plan Page 17 of 23