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HomeMy WebLinkAboutContract 20362036 A~.a E~E T Sin¢le-Family Name Deferred Loan I~ro~ram ~. Parties. This agreement is entered into between the Economic Development Authority ("EDA") and the Greater Metropolitan Housing Corporation ("GMHC"}. B. Program Title. This agreement is in regards to the Single-Family Home Deferred Loan Program admil~istered for the EDA by GMHC at the Northeast Housing Resource Center. C. Program outline. 1. Objective. Encourage reinvestment in the City's ovn~er-occupied housing stock. 2. Goal. Assist with improvements to a minimwn of four houses (maximum loan to be $7,500}. 3. Eligibility. a. 'T'ype of Property. The following property types are eligible: ^ Owner-occupied, single-family homes in the City of Columbia Heights, including ov~nler-occupied townhouses. ^ Two-family dwellings ilz the City of Columbia Heights, provided that (1) the owizer occupies one of the units and the property is homesteaded according to the Anoka County Assessor, (2) the rental unit has a current rental license from the City of Columbia Heights and (3} the use of the property as a two- family dwelling is listed as a permitted use in the zoning district in which it is located. Before approving such a request, GMHC staff shall contact City staff to ensure that these requirements have been met. Rental property is not eligible, except far the aforementioned qualifying two- family dwellings subject to pre-approval by City staff. b. Household Income. Eligibility will be based on household income as a percentage of the regional median income. Households with a combined income at 80% of the regional median income or less are eligible. In the case of qualifying two-family dwellings, eligibility will be based on the household income of the ov~ler occupant. Households with incomes over 80% of the regional median income are ineligible. Page 1 of 3 c. Type of Expenditures. Materials and labor expenditures related to exterior renovations (roofing, siding, windows and doors) are considered eligible expenditures, except for do-it-yourself projects, in which case, only materials costs are eligible expenditures. d. Eligible Projects. Exterior doors, windows, exterior steps and railings, exterior painting, fences, garages, porch ramps/decks, retaiiung walls, roof, stucco/siding, anal the Like. General remodeling projects that make physical irnproveinent to the exterior structure or property are eligible. e. Ineligible Projects. Single-Family Home Deferred Loan Program loans may not be administered for the payment of water, sewer and road assessments. 4. Funding. Funds shall be disbursed on a f rst-come, first-served basis ending whenever EDA funds have been expended. The maximum EDA expenditure during the term of this agreement shall be $30,643. 5. Loan Amount. Depending an household income (see "Eligibility" above), a household may receive a loan far half the total improvement cost, up to $7,500. Applicant must meet all requirements established by GMHC and EDA, including submittal of proof of payment and satisfactory completion of work including final inspection as verified by GMHC with the City's Building Official. An application must be made to and approved by GMHC before costs are incurred and work begins. 6, Loan Repayment. Loan to be repaid, with two percent (2%) simple interest upon the sale of t11e property or title transfer. 7. disbursement of Funds. GMHC will request an advance from tine City of $30,643 once the contract has been. signed. GMHC shall provide to the EDA copies of any audit reports and financial management reports that include fluids disbursed under this agreement. ~, Records Retention and Availability. GMHC shall retain all records and files relating to EDA funded projects for no less than 6 years from the date of expenditure. EDA retains tl~e right to ilzspect or audit all records relating to Columbia Heights projects and the associated fundil~g. Upon proper notice, the EDA or its delegate (City Auditors, State Auditor, etc.) can review and inspect all records. 9. Qualification in Conjunction with Qther Rehabilitation Programs. An applicant of the Single-Family Home Deferred Loan Program may also apply for a rebate from the Rehab Incentive Program and for MHFA loans. Page2of3 D. Signatures. For Economic Development Authority of the City of Columbia Heights: For Greater Metropolitan Housing Corporation: Name: Walter R. Fehst Title: Executive Director Name: Carolyn E. Olson Title: President _ - 5igilature Date Signature Date ---.,~ Name: Ga~~L. Peterson Title: I'resint ~,,:%'' ~ -~ / ~ ~ " ~ ~ ~- '' Signa ~e Date Page 3 of 3