The Ramsey County HRA awarded $225,000 in Community Development Block Grant funding to implement a pilot rental weatherization rehabilitation project for smaller rental properties occupied by low and moderate income tenants. Funding will be used to capitalize a low-interest deferred loan pool. The program is designed to reduce out of pocket energy costs for tenants, and provide long-term energy efficiency for rental properties without requiring rent increases necessary to repay debt.

Eligible Applicants: Private individuals; partnerships, non-profit organizations

Eligible Properties:
Property must be located within Suburban Ramsey County.

Property Taxes and assessments must be current

Heat bills paid by tenants

Properties must not be federally subsidized. (Tenants may, however, use Section 8 Certificates or Vouchers)

Properties must consist of no more than 8 units

At least 51% of the units must be occupied by low/moderate income households at the time of the loan. Income must be documented

Rents must not exceed published FMRs at the time of the loan

Eligible Improvements: Financing for deferred loans is available for improvements that reduce energy costs, and emphasize fast payback in reduced energy bills such as:

High efficiency heating systems

Attic/Wall/Foundation insulation

Weatherization

Note: Properties where lead based paint has been used around the windows may be eligible for a companion lead reduction program.

Maximum Loan Amount: $6000 per unit, plus $300 per window to a maximum of $50,000.

Terms: Repayable on sale or transfer of property, with accrued simple intrest at the rate of two percent per year (2%). Maximum Term: 20 years

FAIR MARKET RENTS (FMRs)
(Include an allowance for tenant-paid utilities.)

Unit Type	Studio	1-BR	2-BR	3-BR
Fair Market Rent	$598	$705	$855	$1,119