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5. HRSR 08-05-2013 ilk REQUEST FOR ACTION River TO ITEM NUMBER Housing and Redevelopment Authority 5. AGENDA SECTION MEETING DATE PREPARED BY August 5,2013 Brian Beeman,Director of Economic Development ITEM DESCRIPTION REVIEWED By Hear Presentation by Kristin DeGrande,the neighborhood Jeremy Barnhart,Assistant Coordinator, from Coon Rapids on their Housing Programs Community Operations and Development Director REVIEWED BY ACTION REQUESTED No action is required. HRA to hear presentation and ask questions on Coon Rapids housing programs. BACKGROUND/DISCUSSION The HRA has indicated a strong interest in being more proactive in housing programs and has directed staff to conduct research on various programs from different cities.The HRA has shown a particular interest in the City of Coon Rapids'housing programs. In order to answer several questions from the HRA on the Coon Rapids programs, staff felt it beneficial to bring in the coordinator for the Coon Rapids housing programs. Coon Rapids Housing Program: Coon Rapids operates the Home for Generations program.This program is a City sponsored program in which the HRA purchases homes,rehabs them,and then puts them back on the market.They remodeled five houses in Phase I of the program from 2009 to 2012. Phase II puts more incentives towards the home owners to do more of the work. Phase II emphasizes architectural and design assistance,up to 50% rebate on building permit fees,and incentive grants to homeowners.Another part of this program is designed to encourage interior remodels that make the home more consistent with current living styles. Who can qualify for the program? Any home owner can qualify for the program under the following guidelines: 1. Homeowner of Coon Rapids, 2. Primary Residence, 3. Property must be homesteaded, 4. Non-income or housing value limits,and 5. home must be at least 20 years old. Eligible Improvements: Addition of living space,building an addition,converting a space previously unlivable, finishing an unfinished basement, finishing an unfinished attic,converting a garage into living space,and repurposing existing living space: moving walls/changing layout of space. INAT NF For architectural/landscaping assistance,the recipient gets assistance with discounted design and architectural, sit down and meet with them for ideas,develop remodeling plan,start bidding process. Incentives: Larger incentives are provided to those who improve the outside of their home vs. the inside. Include two or more eligible exterior upgrades and get up to 10%of project cost($5,000) max). For those unable to do exterior projects, 5% of project cost($2,500 max.) Marketing: The City of Coon Rapids relayed the information on their housing programs through their local TV access,documenting some of the remodeling projects,providing information on the City home remodeling tour, and providing an online photo book. Funding: The City of Coon Rapids receives is funding from the HRA and Mortgage Assistance Foundation.The Center for Energy and Environment (CEE) administers the funds. Enclosures: Coon Rapids Home for Generations Program Coon Rapids Remodeling Rehab Program Coon Rapids Home Improvement Rehabilitation Program Action Motion by Second by Vote Follow Up HOME FOR GENERATIONS A home remodeling program & exhibition Purpose In 2008 the Coon Rapids City Council directed the implementation of a program to buy a series of older single family homes,remodel them to contemporary standards, and showcase them to the community as demonstrations of how 1950's and 60's era homes can be updated to meet the needs of modern families. Homes that are facing or have fallen into foreclosure are ideal candidates for the program, as rehabilitation of such homes will stabilize neighborhoods and allow for a larger project budget. Process Team The Program Team will include City staff members familiar with the acquisition,financing, and remodeling process. In addition, staff will involve several private sector parties to assist in the process;these include a design/build construction firm and a real estate broker. The design/build firm will be selected based on requests-for-qualifications. Staff knowledge of the firm's work product as well as understanding of and commitment to the Scattered Site Remodel Program will be determining factors in the selection process. The firm will be involved in the selection of properties, development of project budgets,and the actual remodeling of the property. Similarly, a real estate broker will be selected based on requests-for-qualifications. Staff knowledge of the broker's work product, commission or fees,and understanding of and commitment to the Scattered Site Remodel Program will be determining factors in the selection process. The broker will be involved in the identification and selection of properties, advise on the project budget,which will include projecting a final sales price,and the marketing of the property to potential buyers. Criteria for Purchase Ideally,homes that are in foreclosure and/or are sitting vacant will be pursued for purchased. Homes in or near target neighborhoods are of particular interest. However, candidate homes must be structurally sound and able to be remodeled in such a way that value is added to the property. For example,especially small or slab-on-grade homes may not be good candidates, particularly if their deficiencies cannot be overcome within the project budget. Sources of Funding The Coon Rapids HRA is proposed to purchase and fund the remodeling of the first several properties. Once the program has several successful project proformas completed,the Mortgage Assistance Foundation may be approached to fund the program. It is anticipated that project properties will be purchased for$100,000 to $125,000 and then sold for$180,000 to $190,000. This will provide remodeling budgets of approximately$55,000 to $90,000. It may be possible to identify grant dollars that somehow assist the project,particularly if an eco-sensitive component exists. Additionally,the private sector partners may be willing to reduce labor costs and fees to extend the project budget if they are able to promote their involvement with the Home for Generations November 2008 Page 2 project. The feasibility of utilizing funds through the Neighborhood Stabilization Program will also be considered. It is expected that each project will be able to financially support itself. In other words,we expect each project to cover its costs upon sale of the property. However,if making a profit is feasible, it is proposed that excess sale proceeds be used to subsidize improvements, such as additional square footage, on a separate project whose costs may not be recovered upon a sale. Such a demonstration, despite the financial shortfall,would reflect the type of long term investment in a home a family might make to meet its needs. Uses of Funds/Lnprovements Candidate homes will primarily be ramblers and cape cods, and perhaps split level and split entry homes. Remodeling plan books,which were funded by Coon Rapids and other cities throughout the metro area, have been completed for each of these types of homes and will be the basis for each remodeling plan. Kitchens,bathrooms, and additional bedrooms or living spaces will be the focus of the projects,although improvements that create character or distinction, such as will also be considered. For budgetary reasons,it is expected that projects which modify existing space, such as removing a wall between the kitchen and living area or expanding a bathroom, will be more typical,whereas projects which add square footage will be less common. It may also be necessary to include some maintenance related items in a project budget, such as new landscaping, new siding or roof, and mechanical or driveway replacement. To the extent possible, improvements that demonstrate eco-sensitive technologies or practices will be incorporated into the project. The historic preservation of older homes will also be considered. Depending on a project's financial parameters,it may also be possible to only rough in certain improvements. While finished work is desired,rough in work still demonstrates how an older home can be updated and further utilized. Examples include installing an egress basement window for a future bedroom, or roughing in new plumbing for a basement bathroom. Finally, a project budget would include funds to stage a home once renovations are complete so that it can be showcased. Showcasing and Program Promotion The Scattered Site Remodel Program will utilize a variety of strategies to promote the program to Coon Rapids residents, including direct mailings to residents,newsletter feature articles, City website and listserv, CTN programs such as City Connections or Talk of the Town, open houses, and information or seminars at the North Suburban Home Show. Upon completion of each remodeling project,the home will be showcased and made available for viewing at scheduled times to the neighborhood and general public. The home will be staged with furniture to further demonstrate the functionality of an older home. Large scale"pre- renovation"pictures will be on display and well as financial information about the project. CTN will also document several of the projects and involve reporter Maria Baca from the Star Tribune in the process. Additionally,target marketing efforts to brokers,contractors, and architects will help promote Coon Rapids and the reinvestment efforts, as well as expose the program to additional potential partners and resources. Home for Generations November 2008 Page 3 Projected Timetable for Kick-off RFQ's for Design Build Firm and Broker November 14—December 1,2008 Interview& Select Design Build Firm&Broker December 1 —5, 2008 Purchase Two Properties December 2008 —January 2009 Remodel Two Properties February 2009—May 2009 Showcase Properties April 2009—June 2009 List Properties for Sale July 2009 Brooklyn Park Foreclosure Initiatives PARK Background Foreclosures are on the rise in a number of neighborhoods in Brooklyn Park;however this trend is not unique to our city. Across the state and across the nation foreclosures are rising to epidemic levels due to a variety of reasons including risky loan products like adjustable rate mortgages (ARMs)with temporarily low payments and high loan-to-value ratio loans. These trends have also been coupled with a surge(and fall)in housing appreciation and, in some cases,outright mortgage fraud. In the wake of the foreclosure crisis, many stakeholders, including cities, counties, the state, the philanthropy community,nonprofit organizations,banks,lenders and other private sector entities are coming together to collectively address the issue. In response to Brooklyn Park foreclosures,staff have created the following foreclosure strategies in partnership with other organizations and stakeholders to help mitigate the impact of foreclosures on the city, the neighborhoods and individual families. Goal The goal of these foreclosure initiatives is to stabilize and improve the city's housing stock by reducing the number of foreclosures,keeping homes healthy and well maintained,and transitioning foreclosed homes back into home ownership as quickly as possible. Strategies 1. Foreclosure Prevention: Prevent foreclosures through increased foreclosure prevention counseling and a comprehensive outreach and information campaign. 2. Secure Foreclosed and Vacant Homes: Stabilize the city's housing stock by identifying vacant and foreclosed homes, properly securing these properties, and using a common internal communication stream to avoid staff duplication. 3. Foreclosure Recovery:Rehabilitate properties or provide other related assistance to quickly convert homes back into owner occupancy. Outcomes This initiative will reach as many homeowners as possible who are facing foreclosure or at risk of foreclosure in the future and connect them to resources in order to keep homes owner-occupied. Anticipated outcomes include: 1. Fewer homes enter the foreclosure stream each month. 2. Foreclosed homes and vacant homes are preserved. 3. A high number of foreclosed homes transition to owner-occupancy. 1 February 2008 Current Status of Foreclosures The number of homes in foreclosure in Brooklyn Park over the past two years has reached nearly 900 as the chart below illustrates. Moreover, foreclosures are predicted to continue to rise in Brooklyn Park, and across the nation, in the next few years as a large number of adjustable rate mortgages (ARMs)are set to adjust to higher interest rates. It is predicted that 2008 will have the highest number of foreclosures yet. Brooklyn Park Foreclosures January 2006 to December 2007 80 N 7 F c 60 40 i o i a 20 Z 3 0 Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- 06 06 06 06 06 06 06 06 06 06 06 06 07 07 07 07 07 07 07 07 07 07 07 07 Estimated number of foreclosures Month for the 2006&2007=891 homes Source:Hennepin County Sheriff's Office To stem the tide of foreclosed homes,the City of Brooklyn Park is working in partnership with other stakeholders to reach homeowners as early as possible to connect them to foreclosure prevention resources. This outreach is being done in a variety of ways:resources on site at City Hall,city and local media publications,city website,literature campaign,local employers,and new door-to-door outreach and a Foreclosure Prevention Open House&Workshop. In addition,the Brooklyn Park Economic Development Authority (EDA)has budgeted $100,000 for foreclosure prevention and $150,000 for rehabilitation of foreclosed or vacant homes. As part of these foreclosure initiatives, the EDA is focusing on three main strategies,detailed below. L Foreclosure Prevention One of the most cost-effective ways to lessen the impact of foreclosures on the community is to prevent families from falling into foreclosure.The goal is to reach home owners as early as possible to connect them with free foreclosure prevention resources. In addition, banks and lenders are increasingly willing to facilitate loan modifications and adjust loan terms—this will,in turn,allow families to stay in their homes,thereby stabilizing neighborhoods and the city. A. Programs Home•Owner Counseling Over the past year, Brooklyn Park has partnered with the Community Action Partnership of Suburban Hennepin(CAPSH)to provide residents free, confidential, one-on-one foreclosure 2 February 2008 prevention counseling. Home owners can contact CAPSH directly or visit their website. In addition, every Tuesday a CAPSH counselor is on site at City Hall for individual drop-in appointments.The City has advertised the foreclosure prevention services in a variety of ways including utility bill inserts,the Park Pages,the Sun Post,displays at City Hall,and on the city webpage. Renter Counseling In 2007 Hennepin County approved $70,000 to organizations to assist renters living in foreclosed properties. These funds were distributed to HOME Line, Legal Aid, and Centro Legal to provide renter counseling. Brooklyn Park staff refer renters living in foreclosed homes to these organizations for assistance and counseling. Credit counseling and first time home buyer classes EDA staff actively promote and market financial and credit counseling resources and first time homebuyer classes as another way to inform about foreclosure prevention. Referrals are made to Lutheran Social Services Financial Counseling Service,a HUD-certified counseling agency. In addition,referrals are made to CAPSH for first time home buyer classes. B. Communication EDA staff are marketing information and material about foreclosure prevention through a variety of outlets:utility bill inserts,Park Pages, Sun Post,Star Tribune,ethnic media outlets, city website,Brooklyn Park Now!and displays at City Hall.The City is also considering using an informational"teaser"about foreclosure prevention on envelopes. Multicultural Outreach Staff are also intentionally reaching out multicultural communities,immigrants,new Americans, and other diverse groups. These groups comprise a significant share of Brooklyn Park residents and these residents have been disproportionately affected by foreclosures. In many of these communities information is spread largely by word of mouth and through community leaders; therefore it is critical information gets out to leaders and organized groups in these communities. Staff are facilitating for CAPSH to speak to a variety of diverse groups and events about foreclosure prevention resource. C. Comprehensive Outreach Campaign The City is realizing that despite the large number of foreclosures and the City's existing outreach,home owners are either unaware or reluctant to seek out foreclosure prevention resources. Therefore in an effort to direct more home owners to these resources, Brooklyn Park is partnering with the Minnesota Home Ownership Center (HOC) to create and implement strategies for a comprehensive foreclosure prevention outreach campaign.In 2007,the Home Ownership Center received a Minnesota Housing grant of $500,000 and has identified Brooklyn Park as one of the communities to pilot their foreclosure prevention outreach campaign and funds. 3 February 2008 Foreclosure Prevention Open House & Workshop: April 1, 2008 Brooklyn Park will host a Foreclosure Prevention Open House&Workshop on Tuesday, April 1,2008 from 4:30-8:30 p.m.in partnership with the Home Ownership Center. The open house will be held at Brooklyn Junior High School, 7377 Noble Avenue N. The event is focused on consumers'rights in the lending and home ownership process. There will be lenders, financial counselors, and other professionals available on site to meet individually with residents.As part of the workshop outreach and publicity,an oversize postcard from the Brooklyn Park mayor and the HOC executive director will be mailed to all city households. Part of the postcard text will be in Spanish and in Hmong. Door-to-door Outreach In partnership with the Home Ownership Center,ACORN Housing is conducting a door- to-door literature and door knocking campaign to reach home owners in Brooklyn Park who may be facing foreclosure. The goal is to connect with home owners as early as possible to prevent them from falling into foreclosure. Home owners will have the opportunity to speak with an ACORN staff member and will be given an informational brochure on the resources available to them, and the April 1st Foreclosure Prevention Open House& Workshop. Targeted Mailings The EDA, in partnership with the Home Ownership Center, will mail a postcard to households on foreclosure prevention resources.The mailing will be sent to targeted zip code areas that have had a high number of subprime loans. The address data will come from the Federal Reserve Bank analysis that is currently underway. Employer "Lunch & Learn" The Home Ownership Center will work with Brooklyn Park employers to host"Lunch& Learn"sessions about foreclosure prevention at individual workplaces.The intention is to use this as another strategy to reach even more residents and home owners who may be at risk of foreclosure.These sessions will be held on site at Brooklyn Park businesses that have the greatest number of employees. Sessions are held at the business during the lunch hour or at a time convenient for employees. Data Collection The Federal Reserve Bank(FRB) is currently collecting and analyzing data as part of a comprehensive foreclosure mappin pro'ect.This work will assist the FRB to identify areas with a concentration of home owners who have received subprim .moans.This data will assist Brooklyn Park and the Home Ownership Center in targeted mailings. " 11, Managing Foreclosed & Vacant Properties When foreclosure cannot be prevented,the City works to ensure that foreclosed or otherwise vacant properties are properly secured. This strategy avoids properties from becoming blighted,hazardous or targets for crime. In addition,staff are working across departments from a centralized system and using a common communication stream in order to avoid duplication of inspections on these properties. 4 February 2008 A. Database Staff are currently creating a centralized master database of foreclosed and vacant properties that departments will utilize. The database provides information a off°ut li'e status, condition, and activity at individual properties. City departments have already been using the database to work together in the field to properly secure and winterize properties that have been abandoned.As part of the database effort,every week staff are opening up new property cases on homes that are recorded as having gone through the Hennepin County Sherriff's sale. B. Vacant Homes Owners of a vacant home should alert the City by contacting the Utility Billing Department and should also ensure their home is properly winterized according to city guidelines. In addition,neighbors who suspect a home is vacant should contact the City. In the event an owner does not inform the city of a vacant home, staff proactively identify and follow up on suspected vacant homes. Staff are working together across departments to actively identify, secure, and track vacant homes, many of which are going through foreclosure.Homes are properly secured and, if necessary,water turned off and meters pulled. III. Foreclosure Recovery Not all foreclosures will be prevented despite the City's best efforts. To preserve the integrity of these homes and neighborhoods, some properties will require rehabilitation before being occupied again by stable home owners.The EDA has dedicated resources and established partnerships with outside organizations to leverage EDA dollars with private investment dollars to assist with the rapid rehabilitation of homes. The goal is to transition them back into owner-occupancy as quickly as possible. A. Housing Acquisition and Rehabilitation In partnership with for-profit and non-profit housing developers the EDA will facilitate the rehabilitation of homes. The EDA seek funding for the acquisition, rehabilitation and sale of houses scattered throughout Brooklyn Park and in neighborhoods identified by the EDA. The anticipated focus of this housing initiative will be in Neighborhood Action Program neighborhoods. After homes are rehabilitated, units can be resold to buyers up to 120%of area median income(AMI). B. Other Housing Partnerships Brooklyn Park is also considering working with other partners to rehabilitate foreclosed homes across the city. Potential partners may include Habitat for Humanity, land trust groups,nonprofit affordable housing developers, or other housing organizations. C. Loans to Purchase & Renovate City staff are informing people who may be interested in buying a fix-up property about ne t rport ages in amounts based on increased,post-renovation property values. Through these programs, an escrow accouni fnr- repairs, home improvements and renovations is set up and can be utilized immediately after closing.These loan programs are part of the Department of Housing and Urban Development's (HUD) 203(0) 5 February 2008 program that includes Federal Housing Administration(FHA)insured 203(k)loans and mini-203(k)loans provided through approved mortgage lenders.Lenders such as Wells Fargo and Countrywide are currently marketing and implementing these home rehab improvement programs locally. D. Rehabilitation Loan Programs Brooklyn Park also promotes reinvestment in homes by working with partner organizations that provide home improvement loans to income eligible home owners. The Center for Energy and Environment(CEE)Financial Resources is a nonprofit home improvement lender and offers energy and improvement loans for owner occupants and rental owners. The EDA is working on a proposed city home rehab loan program, similar to the CEE's program, which will provide loans at lower interest rates to residents of Brooklyn Park.It is anticipated this program will be considered by the EDA in early 2008. E. Point of Sale Housing Inspection Program In 2007 the City of Brooklyn Park implemented a new Point of Sale Housing Inspection Program to ensure that residential properties are safe,clean and healthy. This program applies to all homes being sold in the city, including those in foreclosure, unless they have been issued a Certificate of Occupancy within the past five years.Current owners of foreclosed properties are responsible for the Point of Sale requirements when a property is being sold. IV. Summary Through these three primary strategies the City of Brooklyn Park seeks to comprehensively address and intervene at different points throughout the foreclosure process. First,prevent foreclosures through increased foreclosure prevention counseling and comprehensive outreach. Second, stabilize the city's housing by identifying foreclosed and vacant homes and properly securing them by working effectively and efficiently across departments. Finally, focus on the rapid rehabilitation of homes to transition properties back into stable owner occupancy as soon as possible. These foreclosure strategies will work to stabilize and improve the city's housing stock and keep homes healthy and well maintained while strengthening the livability of neighborhoods and the community overall. 6 February 2008 Coon Rapids: Remodeling Advisor Page 1 of 2 Canted Us!News Search C I2''"a'i le '+ „,. Sign Up for Our Newsletter Iiir.V:Ik Cierwer TOr Energy arc ; nvrortnem Home/Find Programs/Coon Rapids:Remodeling Advisor Program A 3HflRE. Coon Rapids: Remodeling Advisor Program The City of Coon Rapids offers Coon Rapids homeowners the opportunity to receive a Next Steps remodeling advisor visit free of charge. During this homeowner-led visit,Center for Energy and Environment's(CEE)experienced staff will discuss anything from potential home improvement projects to help with the evaluation of bids. So whether Apply For This Program you are thinking about a project or are mid-project,this visit will be customized to meet your needs. To schedule your free visit,contact clussio©mncee.org or 612-335 Send In Your Completed Application -5856. For Questions About This program ' Cristina Lusslo '' 4'.-- z: Loan Services Coorcenator clussio@mncee.org 612-335-5856 • GEE Our Sites Connect With Us Latest @MNCEE Tweets Minneapolis-Downtown •0. x ei On Facebook Call for presenters for 2013 lows 212 3rd Avenue North,Suite 560 ,t:on Twitter Energy Summit Minneapolis,MN 55401 http:/tt.co/NsPLixs9RD!Abstracts (612)335-5858 3 ., On Googie+ due May 29. Other Locations On Pinterest Washington State Home Builders it Email Us On Linkedin Lead the Nation in Energy Code On SlideShare Compliance#Codes Employment Opportunities #EnergyEfficlency _ Get Our Newsletter httpa/tcolzeQJKDhFcYCodesEne rgyEfficlency http://mncee.org/Find-Programs/Coon-Rapids--Remodeling-Advisor-Program/ 5/15/2013 Coon Rapids: Remodeling Advisor Page 2 of 2 #Energy reliability remains a strong issue-large support at the national level http://t.eo/HrA4Ne2pb5Energy Follow( MNGEE on Twitter Privacy Policy l Site Map 0 2011 Canter for Energy and Environment http://mncee.org/Find-Programs/Coon-Rapids--Remodeling-Advisor-Program/ 5/15/2013 Coon Rapids Two-Family Home Rehabilitation Program Page 1 of 2 Contact Us l News Soarch ti Sign Up for Our Newsletter ry Ce ".er'ror Energy an nvirorirnen Home!Find Programs/Coon Rapids:Two-Family Home Rehabilitation Program :0 SHARE Coon Rapids: Two-Family Home Rehabilitation Program The City of Coon Rapids,together with the Coon Rapids Mortgage Assistance Next Steps Foundation,currently offers low-interest home improvement financing and remodeling advisor services to Coon Rapids residents. This fund is intended to provide funding to property owners of two-family homes to undertake maintenance and rehabilitation Apply For This Program projects at the same time as the adjoining tenant to ensure that the exteriors of both Download the Application units remain compatible. Loan Terms Send In Your Completed Application • Minimum loan amount:$2,500 Fax It To • Maximum loan amount:$30,000 • No maximum income limit 612-335-2050 • Interest rate:.5%-4.5%,depending on income. Call 612.335.5884 for more information. Email It To: • Additional terms,conditions and closing costs may apply and are subject to change without loaninfmncee.org notice.Financing is secured by a mortgage on the property. Mail It To: Installment Loans Center for Energy and Environment 212 Third Avenue N,Suite 560 Borrowers with incomes above 50%of AMI will be offered low interest(1.5-4.5%)monthly Minneapolis,MN 55401 installment financing.Loans will be available from$2,500 to$30,000 with typical repayment terms equal to one year per thousand dollars borrowed up to a maximum of 25 years.Loans will be For Questions About This program structured to make them affordable for the borrower. Deferred Loan Terms KK Borrowers with annual household incomes 50%or less of AMI have the option of borrowing funds on a regular monthly installment or on a Deferred basis.The deferred option offers the borrower to defer payment of principle and interest until the loan matures or the property is transferred or sold, whichever is first.Loans will be available from$2,500 to$30,000 for a 40 year teen. Brenda Yaritz Senior Loan Officer Eligible Properties byaritztmncee.org • Owner or renter occupied two-family structures. 612-335-5891 or 1-855-296-5626(LOAN) • Structures must be located within the City of Coon Rapids. Property Value Limit The maximum assessed value of a property participating in this program may not exceed $169,000 as determined by the City Assessor as identified on your annual Anoka County Property Tax Statement. Eligible Improvements Eligible improvements are limited to permanent general improvements to the exterior of the units. Funds must first be used to abate any outstanding order from the City's Inspection Division. Applicants are required to submit one bid for each project under$5,000 and two bids for each project in excess of$5,000. Proof of Income • If you are employed:submit copies of your two most recent paystubs. • If you are retired:submit a copy of your social security benefits or pension. • If you are self-employed:submit copies of your Federal Tax Returns for the last 2 years. Contractors http://mncee.org/Find-Programs/Coon-Rapids--Two-Family-Home-Rehabilitation-Progra/ 5/15/2013 Coon Rapids Two-Family Home Rehabilitation Program Page 2 of 2 Loan recipients must submit bids or materials lists.All contractors must be properly licensed to work in the City of Coon Rapids.The Center for Energy and Environment will verify that contractors are licensed.It is important that you are satisfied with the bid or estimate you have selected.CEE offers assistance in helping you compare and understand the estimates you collect. Optional Sweat Equity(for the do-it-yourselfer) Applicants must clearly demonstrate the ability to complete high quality work within the required time period.Loan funds will be allowed for materials only,property owners will not be compensated for their labor.Note:Loan funds will not be disbursed until the project is complete. • Disbursement of Funds You will have 120 days from the date of your loan closing with CEE to complete your improvements.You must close on the loan prior to beginning project(s).Loan funds will be paid only after the work is completed and inspected and the following is provided: • Signed completion certificate by the homeowner indicating satisfaction with the work and authorizing payment to the contractor • Signed completion certificate by the contractor • Final contractor invoice • • Lien waiver from the contractor for the entire amount of the project;homeowner must turn in receipts for sweat equity projects • Evidence of required building permits • CEE will perform an inspection of the property when a building permit is not required The current loan terms and conditions stated,including interest rates,do not constitute a commitment to lend or an offer to enter into an agreement,and that such an offer may only be made pursuant to Minnesota Statutes,Section 47.206(3)and(4). CEE Our Sites Connect With Us Latest a?MNCEE Tweets Minneapolis-Downtown gi On Facebook Call for presenters for 2013 Iowa 212 3rd Avenue North,Suite 560 On Twitter Energy Summit Minneapolis,MN 55401 httpa/t.co/NsPLIxs9RD!Abstracts (612)335-5858 in On Google+ due May 29. Other Locations On Pinterest Washington State Home Builders Email Us i OnLinkedin Lead the Nation in Energy Code On SlideBhare Compliance#Codes Employment Opportunities #EnergyEfficiency Get Our Newsletter http://t.co/zeQJKDhFcYCodesEne rgyEfficiency '/Energy reliability remains a strong issue-large support at the national level http:/lt.co/HrA4Ne2ph5Energy Follow @NINCEE on Twitter Privacy Policy I Site Map 0 2011 Center for Energy end Environment http:/hnncee.org/Find-Programs/Coon-Rapids--Two-Family-Home-Rehabilitation-Progra/ 5/15/2013 4/3/13 Financial Resources / Search Departments `.esiaents 13usiness Visitors Haw Do ... n anciai Resources 4 00N The City of Coon Rapids offers a variety of financing options for projects that help achieve its development goats. These resources are " ` liin.n�gcnu administered by both the City's Economic Development Authority (EDA) and outside sources. Please contact the City's Co a_j.t fl. eveiopment Community Strength... Department at (763)767-6430 for more information. ;7or Generations Current Activities Coinne Cia E X- :) L.oan • Coon Ra.:?ids 3pu.evart The City of Coon Rapids offers financing for exterior improvements to sec evc` rr�e: ; commercial properties in the City's established business districts. City resources O Avaiaztlgiurperci t' Who is eligible?Owners of commercial or office properties along Coon Rapids Boulevard and Fotey-Northdale commercial district. What can the funds be used for?Exterior building improvements, such as • CCom ercra x v ,..oan additions, windows, awnings, signs, masonry repairs, artwork, and finishes. Site improvements, such as parking lots, signs, trash e Seryjces enclosures, fences, and landscaping. • ?,an ling Maximum Loan Amount: $50,000 Term: 10 years • jlai c rtg_Fmms, ;at r clns interest Rate: 3% • Demogra,pxiic n�orrna~ipn ,`:ca.. anti Su.)IT�t ,t', 24!(s�irernerl';, 13usiness ?;esources * theaterMSP Sii_e Se.€elion 00'. -ax F_^actin n; /Tax "el)ate C ommtce • Metro...Nor:l_Chamber of The City considers use of Tax increment Financing (TIF)and Tax Rebate Financing (TRF)for development projects that would not otherwise occur ornmerrce without public assistance. Use of these incentives is determined on a • Service t_nr7s of_Re lied case-by-case basis, considering the City's TIF/TRF Policies, specific xc r u. v .s project criteria, and demand on city services. t...en+,1 a; i ,,ini iessor_a )eve'.oDmen.:: Cor ora':ion Central id,innesottaa �Devel ment Comy (CMDC)is a private non-profit corporation authorized to provide SBA 504 loans throughout.Minnesota. Its mission is to promote economic viability by cultivating a financing environment that allows small businesses to grow and prosper. To fulfill this mission, CMDC provides the following services to lenders and businesses: • SBA 504 Loans • SBA 7(a) Loan Packaging Assistance • SBA Low-Doc Packaging Assistance wromci.coon-rapids.mn.us/economicdev/financlaiNtm 1/2 4/3/13 Financial Resources # SBA?re-Qualification Loans • Guidance and Assistance in Developing Business Plans • Developing Business Banking Relationships For more information, contact the Central Minnesota Development Company at 1763) 784-3337 or online at www.cfnr. )usi Sss-.oans.co-n. Contact the City's Community Development Department at (763)767-6430 with any questions. ©2011 City of Coon Rapids,Official Website of the City of Coon Rapids,Minnesota Con_act U Due to the possibility of unauthorized modification of electronic data,errors in transmission,HTML browser incompatibilities,and other aspects of electronic communication that are beyond our control,information contained in the City of Coon Rapids Web Site should not be considered suitable for legal purposes. Information may have been updated since the last modification of this site. Contact the City of Coon Rapids at 763-755-2880 to verify accuracy. Template:Six Shooter Media. rwuw.ci.coon-rapids.mn.us/economicdev/finandal.htm 2/2 Coon Rapids Home Improvement Incentive Program Page 1 of 2 „a racy us i News Search Sign Up for Our Newsletter i'_5 "Ai oI in:eri. Home i Find Programs/Coon Rapids:Home Improvement Incentive Program SHARE Coon Rapids: Home Improvement Incentive Program The City of Coon Rapids,together with the Coon Rapids Mortgage Assistance Next Steps Foundation,currently offers low-interest home improvement financing and remodeling advisor services to Coon Rapids residents. The guidelines below are subject to change at any time without notice, Loan funds are subject to availability. Please call Apply For This Program us at 612-335-5884 for complete details. — Download the Application Loan Terms Send in Your Completed Application • No maximum income limit! • Loan amounts from$2,500 to$25,000. Fax It To: • 5.365%-5.865%interest rate. • Interest rate varies based on income. 812-335-2650 • Terms up to 20 years and loan may be prepaid at any time without penalty. Email It To: • This loan is secured by a mortgage on your property. • Closing costs apply. loaninfo@mncee.org Mail It To: Eligible Properties Center for Energy and Environment • Owner-occupied single-family and two-family structures at least 3 years old. 212 Third Avenue N,Suite 560 • The borrower must occupy the property as their primary place of residence. Minneapolis,MN 55401 • Townhouses and quad home units are eligible if the loan is for interior work. • Properties under construction or held in Trust are not eligible. For Questions About This program Property Value Limit • If your property valuation is less than$169,000,please see the Home Rehabilitation Assistance Program. r Types of Improvements Brenda Yaritz • Eligible improvements include interior or exterior maintenance or remodeling. Senior Loan Officer • For do-it-yourself projects,a materials list including prices is required. The cost for labor and equipment purchase or rental may not be included in the loan. byaritz @mncee.org • 2 bids are required from a qualified,licensed contractor if the project is over$5,000. 612-335-5891 or 1-855-296-5626(LOAN) • Funds are held in a non-interest bearing escrow account at CEE from loan closing until the work is completed and all final documentation is received. The current loan terms and conditions stated,including interest rates,do not constitute a commitment to lend or an offer to enter into an agreement,and that such an offer may only be made pursuant to Minnesota Statutes,Section 47.206(3)and(4). CEE Our Sites Connect With Us Latest @MNCEE Tweets Minneapolis-Downtown 11 On Facebook Call for presenters for 2013 Iowa 212 3rd Avenue North,Suite 560 Energy Summit ��" '�+�� 'On Twitter Minneapolis,MN 55401 http:lit.co/NsPLIxs9RDl Abstracts (612)335-5858 EN-EA GV On Google+ due May 29. t Ci On Plnterest Other Locations Washington State Home Builders Email Us On Linkedln Lead the Nation in Energy Code On SlideShare Compliance#Codes Employment Opportunities #EnergyEfficlency Get Our Newsletter http:l/t.colzeQJKDhFcYCodesEne rgyEfflclency http://mncee.org/Find-Programs/Coon-Rapids--Home-Improvement-Incentive-Program/ 5/15/2013 Coon Rapids Home Improvement Incentive Program Page 2 of 2 #Energy reliability remains a strong issue-large support at the national level http://t.co/HrA4Ne2pb6Energy Follow @MNCEE on Twitter '34vacv Policy f Site Map ®2011 Center for Energy and Environment http://mncee.org/Find-Programs/Coon-Rapids--Home-Improvement-Incentive-Program/ 5/15/2013 Coon Rapids Home Rehabilitation Assistance Program Page 1 of 2 Contact Us I News Search 4i 1, Sign Up for Our Newsletter r _?cr !.+ .i;rte` :trr)t1rr'ciT•: Home/Find Programs/Coon Rapids:Home Rehabilitation Assistance Program IS SHARE Coon Rapids: Home Rehabilitation Assistance Program The City of Coon Rapids,together with the Coon Rapids Mortgage Assistance Next Steps Foundation,currently offers low-interest home improvement financing and remodeling advisor services to Coon Rapids residents. Apply For This Program Loan Terms Download the Application • Minimum loan amount:$2,500 • Maximum loan amount:$30,000 Send In Your Completed Application • Loan funds are secured by a mortgage • Interest rate:.5%-2.75%,depending on income • The maximum income limit for this program is 110%of Area Median Income(AMI). Call Fax It To: 612.335.5884 for more information. 612-335-2650 • Additional terms,conditions and closing costs may apply and are subject to change without notice. Financing is secured by a mortgage on the property. Email It To: Ioaninfo @mncee.org Installment Loans Mail It To: Borrowers with incomes in the 51%to 110%of AMI will be offered low interest(1.5-2.75%) Center for Energy and Environment monthly installment financing.Loans will be available from$2,500 to$30,000 with repayment 212 Third Avenue N,Suite 560 terms equal to one year per thousand dollars borrowed up to a maximum of 25 years.Loans will Minneapolis,MN 55401 be structured to make them affordable for the borrower. For Questions About This program Deferred Loan Terms Borrowers with annual household incomes less than 50%of AMI have the option of borrowing funds on a regular monthly installment or on a Deferred basis.The deferred option offers the borrower to defer payment of principle and interest until the loan matures or the property is transferred or sold,whichever is first.Loans will be available from$2,500 to$30,000 for a 40 year i term. Brenda Yaritz Eligible Properties Senior Loan Officer byaritz @mncee.org • Owner-occupied single-family structures. 612-335-5891 or 1-855-296-5626(LOAN) • Structures must be located within the City of Coon Rapids and must be at least 10 years old. • The borrower must occupy the property as their primary place of residence. Property Value Limit The maximum assessed value of a property participating in this program may not exceed $169,000 as determined by the City Assessor as identified on your annual Anoka County Property Tax Statement. if your property valuation is more than$169,000,please see the Home Improvement Incentive Program. Eligible Improvements To determine the eligibility of improvement projects,an inspection of the property will be completed by a CEE. Eligible improvements are limited to those improvements which correct defects or deficiencies in the property directly affecting the minimum building code housing standards or the safety,habitability,energy consumption and/or accessibility of the property. Funds must first be used to abate any outstanding order from the City's Inspection Division. Applicants are required to submit one bid for each project under$5,000 and two bids for each project in excess of$5,000. Proof of Income • If you are employed:submit copies of your two most recent paystubs. http://mncee.org/Find-Programs/Coon-Rapids--Home-Rehabilitation-Assistance-Progra/ 5/15/2013 Coon Rapids Home Rehabilitation Assistance Program Page 2 of 2 • If you are retired:submit a copy of your social security benefits or pension. • If you are self-employed:submit copies of your Federal Tax Returns for the last 2 years. Contractors Loan recipients must submit bids or materials lists.All contractors must be properly licensed to work in the City of Coon Rapids.The Center for Energy and Environment will verify that contractors are licensed.It is important that you are satisfied with the bid or estimate you have selected.CEE offers assistance in helping you compare and understand the estimates you collect. Optional Sweat Equity(for the do-it-yourselfer) Applicants must clearly demonstrate the ability to complete high quality work within the required time period.Loan funds will be allowed for materials only,property owners will not be compensated for their labor.Note:Loan funds will not be disbursed until the project is complete. Disbursement of Funds You will have 120 days from the date of your loan closing with CEE to complete your improvements.You must close on the loan prior to beginning project(s).Loan funds will be paid only after the work is completed and inspected and the following is provided: • Signed completion certificate by the homeowner indicating satisfaction with the work and authorizing payment to the contractor • Signed completion certificate by the contractor • Final contractor invoice • Lien waiver from the contractor for the entire amount of the project;homeowner must turn in receipts for sweat equity projects • Evidence of required building permits • CEE will perform an inspection of the property when a building permit is not required The current loan terms and conditions stated,including interest rates,do not constitute a commitment to lend or an offer to enter into an agreement,and that such an offer may only be made pursuant to Minnesota Statutes,Section 47.206(3)and(4). CEE Our Sites Connect With Us Latest @NINCEE Tweets Minneapolis-Downtown x #'343 On Facebook Call for presenters for 2013 Iowa 212 3rd Avenue North,Suite 560 ;yea. On Twitter Energy Summit Minneapolis,MN 55401 http://Lco/NsPLlxs9RDi Abstracts (612)335-5858 =EN ER C _ el On Google+ due May 29. 0 O Pinterest Other Locations Washington State Home Builders , Email Us On Linkedln Lead the Nation in Energy Code Employment Opportunities tit On SlideShare #EnergyEfficlle cy s „Get Our Newsletter http://t.co/zeQJKDhFcYCodesEne rgyEfficlency #Energy reliability remains a strong issue-large support at the national level http:!/t.co/HrA4Ne2pb6Energy Follow @MNCEE on Twitter Privacy Policy I Site Map ®2011 Center for Energy and Environment http://mncee.org/Find-Programs/Coon-Rapids--Home-Rehabilitation-Assistance-Progra/ 5/15/2013