Guidelines (2009):

• From 1-8 units
• 1/2 of the rentals must be rented to families or individuals with a gross household income of less than $58,400
• Rate 6% fixed
• Terms 1-15 years
• Loans of under $5,000 are unsecured
• Loans of over $5,000 are secured by a mortgage on the property

For structures containing one or two dwelling units, the maximum principle amount of a loan is $25,000. For structures containing more than two dwelling units, up to $10,000 per dwelling unit may be borrowed, with a maximum of $50,000 per structure.

Property must be determined by the Lender to require energy conservation improvements. The NEC will perfrom an energy audit.

Any items with a simple payback of 7 years or less must be incorporated into the scope of work.

A Housing Quality Standards audit will be done, (unless a city inspection has been done within 6 months). Any deficiencies identified in the HQS must be included in the scope of work and financed in the Rental Rehab Loan.

Fees will include, but are not limited to:
HQS inspection, energy audit, recording fees, 1% origination, credit report, title search and lead hazard (if necessary).

For an application call LeAnn Karras at the Neighborhood Energy Conncetion. 651-221-4462 ext. 136, or email your request to [email protected]