The City of Shoreview is continuing to offer Home Energy Improvement Loans to qualifying residents and prospective homebuyers to encourage reinvestment and energy efficient home improvements in the community. The program was originally limited to eligible single-family homes, but due to inquiries from owners of townhome properties interested in undertaking energy efficient improvements, the City Council and Economic Development Authority has now expanded the Shoreview Home Energy Improvement Loan Program eligibility to include qualifying townhomes.
Eligible properties now include:
- Single family detached owner occupied properties that are not connected to an association for purposes of property maintenance.
- Zero lot line single family detached owner occupied properties located within the City of Shoreview that may or may not be connected to an association for purposes of property maintenance.
- Single family attached owner occupied properties (such as townhomes), located in the City of Shoreview, which may or may not be connected to an association. Single-family attached is defined as a dwelling unit located in a building consisting of not more than twelve dwelling units which are attached by common vertical walls and each having a separate or combined entrance or entrances.
- Estimated market value as determined by Ramsey County property tax statement for the current year not to exceed 120% of the median value of a single family home in Shoreview. (Current market value cannot exceed $314,640)
The loans are offered through the HousingResource Center on behalf of the City of Shoreview for home improvements such as new roofs, and energy efficient upgrades to windows and doors, heating and cooling systems and water heaters.
The maximum loan amount is $20,000 and the minimum loan amount is $2,000 with up to 10 year terms. Residents who obtain a loan through this program could have all the interest reimbursed if they reside at the home for the 10-year period of the loan.
Established by the Shoreview City Council and Economic Development Authority, the Shoreview Home Energy Improvement Loan Program is made available without the use of general tax dollars but through special funding sources available for housing and development. With an initial allocation of $300,000, the new loan program has been designed as a revolving fund so that the loan fund can be replenished through borrower repayments and additional loans distributed.
The Shoreview Home Energy Improvement Loan Program provides additional local incentives and fills a gap not currently provided by private lenders for those residents (or potential new residents) interested in upgrading older and more moderately priced homes that may be in need of basic energy efficiency improvements. Residents interested in the new Home Energy Improvement Loan Program can also leverage home improvements with bank loans and/or other available housing programs offered through agencies such as Ramsey County and the Minnesota Housing Finance Agency.
Income limits are based on household size listed below:
Household Size ?& Income Limit
- 1 ? person ? ? ?$96,736
- 2 ? persons ? ??$104,416
- 3 ? persons ? ??$112,096
- 4 ? persons ? ??$119,776
- 5 ? persons ? ??$125,896
- 6 ? persons ? ??$132,076
- 7 ? persons ? ??$138,196
- 8 ? persons ? ??$144,376
The City has also revised the program to allow for certain emergency repairs and replacements that were unscheduled to be eligible for a home energy improvement loan. Emergency projects must be approved by the Housing Resource Center construction manager prior to the homeowner signing a contract or beginning any work. Homeowners that have a project approved as an emergency have 30 days from the date of approval to apply for a loan. Loan funds may be used for refinancing of short-term emergency financing of eligible improvements or to reimburse the homeowner.
The City of Shoreview contracts with the Greater Metropolitan Housing Corporation for the loan program to be administered through the HousingResource Center, a non-profit agency that currently serves Shoreview residents by providing free home improvement construction and financing counseling.
Residents considering energy efficient home improvements are encouraged to apply soon through this special loan program as funding is limited. For additional information on the Shoreview Home Energy Improvement Loan Program and other available resources, please contact the HousingResource Center ? North Metro Office at 651.486.7401 or visit www.housingresourcecenter.org
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