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112 <br />not experts (such as insulating attics). Specially, the City is able to direct residents whose homes <br />have code enforcement issues to this type of program to help increase the safety, value, and <br />appearance of the home. Because these loans do not have income limits, these are options for all <br />residents, developers, and others throughout the City. This type of program supports small <br />upgrades to homes that long-term increase cost savings and environmental savings. This program <br />not only represents the City of Ramey's commitment to maintaining existing properties, but also <br />our commitment to environmentally sensitive housing and design. <br />Statewide Programs <br />1. Minnesota Housing - Coordinated Entry <br />Coordinated Entry is a HUD initiative to those who may be at -risk of losing their housing, or who <br />are homeless. The Coordinated Entry initiative supports people in connecting their housing needs <br />with the appropriate resources. Anoka County has a separate resource line to assist residents. <br />When we would use this: The City of Ramsey does not maintain this program, but does believe <br />this program is an important tool they are able to point residents towards. The City of Ramsey <br />provides a connection to this resource for residents who are at risk, or afraid of, losing their <br />housing. They can also direct homeless individuals towards this program. The City of Ramsey will <br />continue to support this program as they believe it is an important part of supporting their <br />residents and maintaining their mission of equity. <br />Minnesota Housing - Start Up Program <br />This first-time homebuyer program is meant to promote affordable interest rates and help <br />homeowners' better tackle their down payments and closing costs. Qualified first-time homebuyers <br />must have a credit score of at least 640, they must meet certain income limits and must be able to <br />obtain a mortgage from a lender. Borrowers must also attend a homebuyer education course. <br />In order to be eligible for this program, residents must be first-time homebuyers, have a credit <br />score of at least 640, and meet the income requirements. <br />When we would use this: The City of Ramsey does not maintain this program, but believes it to be <br />a great opportunity for potential homebuyers. Because so much of the City has naturally -occurring <br />affordable housing, the City expects to see first time homebuyers purchasing properties in Ramsey. <br />This type of program is an excellent tool to point those types of residents towards. Additionally, this <br />type of program supports low-income individuals, and supports the City of Ramsey's goal and <br />mission to provide lifecycle housing options and affordable housing options. <br />Minnesota Housing - Step Up <br />This is a loan can be used for home purchase or to help homeowners refinance. The loan is meant to <br />promote affordable interest rates in the state of Minnesota. The monthly payment portion of this <br />Minnesota Housing program is available to help buyers afford closing costs and the down payment <br />of a home purchase. The loan allows borrowers to reduce or eliminate mortgage insurance costs. <br />Qualified borrowers need to have a credit score of at least 640, they must meet program income <br />limits and in some cases, borrowers must attend homebuyer education courses. <br />Summary: <br />Cily of RAMSEY <br />August 2018 Draft <br />U�. <br />Comprehensive Plan 2040 <br />