Agenda - Council Work Session - 05/12/2026

Home

9. Water heater 10. Mold remediation 11. Electrical panel replacement The Council shall designate amounts each year for exterior and interior improvements. Matching Contributions The Council has stated that they would like to have homeowners to have some "skin in the game," but also recognizes that some of the residents with the greatest needs do not have anything to contribute. The following table rewards a greater homeowner contribution with a shorter repayment period. This money is not intended to provide a resale value increase in order to flip a property quickly. There will be no interest charged or collected on any repayment. This program is a forgivable grant with a sliding scale based on the amount the homeowner contributed to the project and the length of time that homeowner remains in the home. Repayment terms shall be secured by a lien on the property recorded with the Anoka County Recorder's office. If repayment is required at the time the home sells, money received must be deposited into the Housing Fund as required by Law. Repayment Portion (%) Based on Homeowner Contribution and Resale Timeframe. Percent Project Contribution Resale 0-24.99% 25-49.99% 50%+ 0-2 Years 100% 100% 100% 2-4 Years 75% 66% 50% 4-6 Years 50% 33% 0 6-8 Years 25% 0 0 After 8 Years 0 0 0 Example 1: A homeowner contributes 25 percent of the project costs and sells the house in three years, 66 percent of the awarded amount must be repaid to the City: Total Project Cost $20,000 Homeowner Contribution $5,000 (25% of $20,000) Award Amount $15,000 Amount Owed to City when sold in 3 years $10,000 (66% of $15,000) Example 2: A homeowner contributes nothing to a project and remains in the home for ten years. There is no repayment required. Total Project Cost $20,000 Homeowner Contribution $0 Award Amount $20,000 Amount Owed to City when sold in 10 years $0 (the award is forgiven) Should it be discovered after -the -fact that a recipient did not meet all of the Eligible Participants criteria, the entire awarded amount must be repaid at the time of sale, regardless of the timeframe between when the award was granted and the sale date.