Laserfiche WebLink
8. Demolition and replacement of unsafe decks. <br />9. Repair of unsafe home foundations. <br />10. Exterior painting of the entire house. <br />Interior Improvements — Minimum award amount $1,000; Maximum award amount - $10,000 (total per <br />home). <br />11. Furnace, including costs of installing a natural gas service line. <br />12. Air conditioner. <br />13. Water heater. <br />14. Mold, lead, and asbestos remediation. <br />15. Electrical panel replacement and upgrading of knob -and -tube wiring. <br />The Council shall designate amounts each year for exterior and interior improvements. <br />Matching Contributions <br />This program is a forgivable loan with a sliding scale based on the amount the homeowner contributed to <br />the project and the length of time that homeowner remains in the home. This money is not intended to <br />provide a resale value increase in order to flip a property quickly. This program will reward projects that <br />have a greater homeowner contribution with a shorter repayment period. <br />There will be no interest charged or collected on any repayment. <br />Repayment terms shall be secured by a Repayment Note recorded with the Anoka County <br />Recorder/Registrar of Titles office. If repayment is required at the time the home sells, money received <br />must be deposited into the City's Housing Fund as required by Law. <br />Repayment Portion (%) Based on Homeowner Contribution and Resale Timeframe. <br />Resale <br />0-2 Years <br />2-4 Years <br />4-6 Years <br />6-8 Years <br />After 8 Years <br />Percent Project Contribution <br />0-24.99% 25-49.99% <br />50%+ <br />100% Repayment <br />75% Repayment <br />50% Repayment <br />25% Repayment <br />0 (Forgiven) <br />100% Repayment <br />66% Repayment <br />33% Repayment <br />0 (Forgiven) <br />0 (Forgiven) <br />100% Repayment <br />50% Repayment <br />0 (Forgiven) <br />0 (Forgiven) <br />0 (Forgiven) <br />Example 1: A homeowner contributes 25 percent of the project costs and sells the house in three years, <br />66 percent of the awarded amount must be repaid to the City: <br />Total Project Cost $20,000 <br />Homeowner Contribution $5,000 (25% of $20,000) <br />Award Amount $15,000 <br />Amount Owed to City when sold in 3 years $10,000 (66% of $15,000) <br />Example 2: A homeowner contributes nothing to a project and remains in the home for ten years. There <br />is no repayment required. <br />Total Project Cost $20,000 <br />