Rental Rehab Loan Application

   EMBED

Share

Preview only show first 6 pages with water mark for full document please download

Transcript

MHFA RENTAL REHABILITATION LOAN APPLICATION I. LENDER INFORMATION Date of Application for Months Name of Lender Amount of MHFA Rental Rehabilitation Loan $ Maximum Loan Amount is$25,000 for a 1 and 2-unit property or $10,000 per unit for a 3 or more unit property, up to $100,000. II. APPLICANT(S) INFORMATION The information requested in this credit application is legally required to determine if you qualify for participation in thi s Minnesota Housing Finance Agency (MHFA) program. A portion of the data requested is classified as "private data on individuals" under Minnesota Statutes 462A.065. Use of the data is limited to that necessary for the administration and management of this program by MHFA personnel, those under contract with MHFA, and other governmental agencies when authorized by state statute or federal law. The disclosure of your Social Security Number or Minnesota Tax Identification Number is mandatory for participation in this MHFA program, by virtue of the Minnesota Revenue Recapture Act of 1980 (Sections 270A.01 to 270A.12 of Minnesota Statutes), Section 270.66 of said Statutes, and Section 6050H of the Internal Revenue Code of 1986. Supplying these numbers could result in the application of tax refunds to the payment of any delinquent indebtedness to MHFA resulting from this or other MHFA programs. These numbers may be made available to state or federal tax authorities, and state personnel involved in the collection of state obligations. Full Name of Applicant: Full Name of Co-Applicant: Applicant Address (Street, City, State, Zip): Home Phone: ( ) Age: Age: Applicant Social Security No.: Co-Applicant Social Security No.: County Work Phone: ( ) Partnership/Corporation Name: Address (Street, City, State, Zip): Applicant/Organization Type: Partnership Corporation Individual Other (Specify): MN Tax ID No.: County: If you checked "Partnership" or "Corporation", you will be required to personally act as a Guarantor of the loan. Please provide the following information: If You Checked "Individual" above, please Indicate your Marital Status Below. Full Name of Guarantor: Guarantor Address (Street, City, State, Zip): Applicant Married Unmarried Separated Co-Applicant Married Unmarried Separated Guarantor Social Security No.: III. INCOME AND ASSETS If you checked "Individual" or are a Guarantor listed above, please complete this section. Note the following: • The only income standard you must meet is to demonstrate that you have sufficient income to repay the loan. • Those owners who have income necessary to repay the loan must sign the loan documents. • If the loan is secured by a mortgage, all entities having an ownership interest in the property must sign the mortgage. Applicant's Employer (Name, Address): Phone No.: Position: Position: Yrs.: Yrs.: Co-Applicant or Guarantor 's Employer (Name, Address): Phone No.: Other Sources of Income (income from alimony, child support, or separate maintenance income need not be shown unless you will rely upon it as a basis for undertaking or repaying this loan.) Income Earned: $ Income Earned: $ Income Earned: $ $ Total Annual Income from sources indicated above: Note: You must provide a copy of your personal financial statements. If you do not have them prepared, ask your lender for a blank copy to complete. IV. CREDIT INFORMATION Are there any outstanding judgments or liens against you? Have you declared bankruptcy within the last 36 months? Have you had any property foreclosed upon or given title or deed in lieu thereof? Are you a co-maker or endorser on a note? No No No No Yes Yes Yes Yes Note: If you answer “yes” to any of the questions above, you must provide a separate written explanation. List all current fixed obligations, installment accounts, charge accounts, loans, and debt to banks, finance companies and Government agencies. Type of Debt Total Personal Installment Debt Total Personal Revolving Debt Real estate debt for property other than improved Total Business Debt Current Balance: $ $ $ $ Monthly Payment: $ $ $ $ 1 10/2001 V. PROPERTY INFORMATION (Applicant must currently own property/building. Evidence of ownership required). Address of Property to be Improved (Street, City, State, Zip): No. of Bldgs: Purchase Price: $ No. of Units: No. of Stories: Original Amount: $ $ $ No No Yes Yes County: Year Built: Current EMV: $ Current Monthly Balance: Payment: $ $ $ Date: $ $ $ Maturity Date: Date of Purchase: Date Whom Indebted (Name, Address): Incurred: c-f-d Mortgage Other Is the property being purchased on a contract-for-deed? If yes, is there a “balloon payment”? Amt.: $ Note: the term of your MHFA Rental Rehabilitation Loan cannot extend beyond the date of any balloon payment. A copy of your contract-for-deed must be attached to your application. VI. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. PROJECT DEVELOPMENT BUDGET ESTIMATED ANNUAL INCOME AND MANAGEMENT EXPENSES (AFTER REHAB) Gross Rental Income (Total Annual Contract Rent) Less 5% vacancy and collection loss Net Rental Income (Line 1 less Line 2) Commercial Rent Laundry Income Parking Income Other Income TOTAL REVENUE (Lines 3-7) Advertising & Marketing Management Fee Legal Auditing Telephone On-site Management Payroll Other Administration (Security, licenses, etc.) TOTAL ADMINISTRATION (Lines 9-15) Elevator Maintenance/Cont. Exterminating Rubbish Removal Other Contract Services Janitor Supplies Maintenance Supplies Grounds Maintenance Snow Removal Heat & A/C Repair Services Paint/Decorating Materials General Repair Services Maintenance & Janitorial Payroll Other Maintenance & Operations TOTAL MAINTENANCE (Lines 17-29) Electricity Water and Sewer Gas and Oil TOTAL UTILITIES (Lines 31-33) TOTAL OPERATING (Lines 16, 30, 34) Insurance Real Estate Taxes Replacement Reserve TOTAL DISBURSEMENTS (Lines 35-38) NET OPERATING INCOME BEFORE DEBT SERVICE (Line 8 - Line 39) Existing Debt Service on Property Other Debt NET ANNUAL OPERATING INCOME AVAILABLE FOR MHFA RENTAL REHABILITATION LOAN DEBT SERVICE (Line 40 less Lines 41- 42) MONTHLY OPERATING INCOME AVAILABLE FOR MHFA RENTAL REHABILITATION LOAN DEBT SERVICE (Line 43 divided by 12) 2 PROPOSED BUDGET ( ) $ $ $ $ $ $ $ ( ( $ $ ) ) 10/2001 VII. IMPROVEMENT INFORMATION A copy of a signed MHFA Contractor Warranty from Labor costs must be incorporated into the cost of each improvement. each contractor listed below must be provided with your application. TYPE OF IMPROVEMENT 00 10 11 13 15 19 20 21 22 24 29 30 31 32 33 39 40 41 42 43 44 49 50 51 52 54 59 60 61 62 63 64 69 70 71 72 73 77 79 80 81 82 83 84 89 90 92 94 95 96 97 99 ACCESSIBILITY (specify): ELECTRICAL New Service Outlet and fixture installation Smoke detectors Other electrical work (specify): STRUCTURAL ALTERATIONS Garage Repair (No New Construction) Room addition / alterations Foundation repair Other structural work (specify): EXTERIOR FINISHING Painting Siding or Stucco repair / replacement Waterproofing Other exterior finishing work (specify): INTERIOR FINISHING Wall covering / painting Wall and ceiling repair / replacement Kitchen Cabinets Floor / floor covering repair / replacement Other interior finishing work (specify): ROOFING Roof repair / replacement Gutters / downspouts Soffit / Fascia Other roofing work (specify): PLUMBING Plumbing fixtures and connections Water heaters, softeners Wells / pumps, water hookup Sewer / septic system Other plumbing work (specify): HEATING Heating system repair / replacement Air conditioning (specify type): Duct work Flue pipe, chimney Other heating work (specify): ENERGY CONSERVATION Insulation Doors and windows Air infiltration (caulking, weather-stripping) Attic ventilation Other energy conservation (specify): MISCELLANEOUS Fences Sidewalk, driveway, step, landscaping Asbestos Abatement Lead paint Abatement Outbuilding removal (required by code) Other (specify): TOTAL PROJECT COST: COST MHFA Loan Financed (X) NAME OF CONTRACTOR $ Note: Certain improvements are not eligible. These include: fireplaces, swimming pools, tennis courts, saunas, decks, patios, and other recreational facilities; conversion of seasonal or non-residential structures to residential structures; and construction of additional rental dwelling units 3 10/2001 VIII. OTHER IMPROVEMENT FUNDS AMOUNT $ $ $ $ $ Complete this section when the Rental Rehabilitation Loan funds are being coordinated with other funds: SOURCE Applicant Contribution (specify source): _____________________________ Other Funds (specify source): ____________________________________ Other Funds (specify source): ____________________________________ This MHFA Rental Rehabilitation Loan: Total Project Costs: IX. CONDITIONS PERTAINING TO RECEIVING A RENTAL REHABILITATION LOAN 1. Loan funds shall be spent for the intended purposes within 9 months from the date of the Note. 2. The MHFA or an authorized representative shall have the right to inspect the property to be improved at any time from the date of the Note upon giving due notice to the occupant(s). 3. Improvements shall not begin before loan closing without the prior written consent of the MHFA. MHFA shall only grant said approval in special or unusual circumstances, which pose an immediate threat to the health or safety of the existing residents of the property. 4. Work shall comply with all applicable building or housing code regulations and ordinances and all necessary permits and licenses shall be obtained. 5. The residential portion of the structure must be occupied at the time of loan closing primarily by persons and families of low and moderate income. Persons and families of low and moderate income are those whose gross income (from all sources and before taxes and withholding) is less than 80% of statewide median income as defined by the U.S. Department of Housing and Urban Development. Therefore, persons and families of low and moderate income in at least one of the units in the case of a one-or two-unit building, two of the units in the case of a three-unit building, and at least 75% of the units in the case of buildings containing more than three units, shall occupy the building. Properties which have been occupied as residential structures in the immediate past that are presently vacant are eligible under the program, but only if the borrower agrees that, when the property becomes occupied, it will be occupied by the required number of low and moderate income households. Properties presently containing vacant dwelling units and some occupied dwelling units are eligible under the program, provided when the units become occupied after the rehabilitation, the required number of low and moderate-income households will occupy the property. X. SIGNATURES a. I/We certify that the statements contained in this application are true, accurate and complete to the best of my/our knowledge. b. I/We agree to the Conditions Pertaining To Receiving a Rental Rehabilitation Loan (Section IX, above). c. I/We hereby authorizes the release of any information necessary for the lending institution to process this application. (Applicant Signature and Title) (Co-Applicant Signature and Title) (Date) (Date) OR (Print Name of Entity) (Date) a: (Type of Entity) by: (Print Name and Title) and (optional): (Print Name and Title) (Signature) (Signature) The Minnesota Housing Finance Agency does not discriminate on the basis of age, race, sex, color, creed, religion, sexual ori entation, national origin, disability, familial status or receipt of public assistance in employment or the provision of services. Equal Opportunity Housing and Equal Opportunity Employment 4 10/2001