HomeMy WebLinkAboutHousing & Redevelopment Authority Packet 01-27-2011MEETING AGENDA
PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY
THURSDAY, JANUARY 27, 2011 - 7:00 p.m.
WHERE: Medicine Lake Room
City of Plymouth
3400 Plymouth Boulevard
Plymouth, MN 55447
CONSENT AGENDA
All items listed with an asterisk (*) are considered to be routine by the Housing and
Redevelopment Authority and will be enacted by one motion. There will be no
separate discussion of these items unless a Commissioner, citizen or petitioner so
requests, in which event the item will be removed from the consent agenda and
considered in normal sequence on the agenda.
1. CALL TO ORDER - 7:00 P.M.
2. CONSENT AGENDA
A. Approve HRA Meeting Minutes from November 18, 2010.
B. Plymouth Towne Square. Accept Monthly Housing Reports (November and
December, 2010).
C. Vicksburg Crossing. Accept Monthly Housing Reports (November and December,
2010).
3. NEW BUSINESS
A. Vicksburg Crossing. Marketing Report.
B. Plymouth Towne Square. Approve sale of refunding bonds.
C. First Time Homebuyer and Rehabilitation Program Changes.
4. ADJOURNMENT
DRAFT MINUTES
PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY
November 18, 2010
PRESENT: Chairman Jeff Kulaszewicz, Commissioners Steve Ludovissie, David Miller,
Paul Caryotakis, and Bob Stein
ABSENT: None.
STAFF PRESENT: Housing Program Manager Jim Barnes and Office Support Representative
Janice Bergstrom
OTHER: Sara Paquette, Executive Director — Vicksburg Crossing
CALL TO ORDER
Chairman Kulaszewicz called the Plymouth Housing and Redevelopment Authority meeting to
order at 7:00 P.M. Housing Manager Barnes added Item 3.C.
2. CONSENT AGENDA
A. Approve HRA Meeting Minutes from October 28, 2010
B. Plymouth Towne Square. Accept Monthly Housing Report (October, 2010)
C. Vicksburg Crossing. Accept Monthly Housing Report (October, 2010)
MOTION by Commissioner Caryotakis , seconded by Chairman Ludovissie. Vote. 5 Ayes.
MOTION approved unanimously.
3. NEW BUSINESS
A. Vicksburg Crossing. Marketing Report
Chairman Kulaszewicz introduced Executive Director Sara Paquette. Ms. Paquette reviewed the
report and advised that all market rate apartments are filled, and there are a couple affordable
touts upcoming.
Commissioner Stein asked if vacancies were filled from the waiting list.
Ms. Paquette said four affordable units became available at one time and were all filled. She
said walk-in people are interested in affordable units. Ms. Paquette said one person on the
waiting list is interested. She added one unit is handicapped unit.
Commissioner Ludovissie asked how much time is required for unit turnover.
Draft
Plymouth Housing and Redevelopment Authority
November 18, 2010
Page 2
Ms. Paquette said one month is required for cleaning and preparation.
Housing Manager Barnes asked if there was any discussion from those residents regarding rent
increases.
Ms. Paquette acknowledged there was a little grumbling, but added that as they have started
doing lease renewals, no one has come to the office complaining. She said it helps for increases
to occur in small increments. Chairman Ludovissie concurred.
B. Plymouth Towne Square. Call For Sale of Refunding Bonds
Chairman Kulaszewicz introduced Housing Manager Barnes who gave an overview of the staff
report.
Commissioner Caryotakis asked if there are any concerns about two issues outstanding at the
sarne time.
Housing Manager Barnes said crossover allows us to sell these bonds today, and make no
payment for two years until the old bonds are called and paid off. He added that this would not
jeopardize the triple A bond rating, so there is no concern according to our financial consultants.
Commissioner Stein asked for an explanation of "crossover".
Housing Manager Barnes said crossover is where two series of bonds are in existence at the same
time. He said we will conthiue to make payments on existing bonds for two years while taking
advantage of the current low rates. This results in paying off the old series at low rates, and then
the new series begins.
Commissioner Ludovissie noted that we are basically buying a lower rate. Housing Manager
Barnes answered affirmatively and said we are not jeopardizing any call provisions within the
bonds that would be cost prohibitive.
Commissioner Caryotakis added that funds raised would be invested in securities designed to
buy the right value at the right time.
Chairman Kulaszewicz asked who would invest the money from the new issue.
Housing Manager Barnes said this would be placed for public bid; Ellers would conduct public
bidding for those bonds with interested investment companies.
Commissioner Caryotakis asked who holds the proceeds from the bonds.
Commissioner Miller said these proceeds are placed in escrow.
Draft
Plymouth Housing and Redevelopment Authority
November 18, 2010
Page 3
Chairman Kulaszewicz asked what kind of return is calculated on the proceeds and what fee
Ellers earns on this issue.
Housing Manager Barnes said there is a city contract for the advisory fee which is included in
the pricing cost issuance.
Chairman Kulaszewicz said he was curious about their fee, as we are gaining $14,000 a year.
Chairman Kulaszewicz paid complements to Housing Manager Barnes on being proactive on
items like this to save money for the City whenever we can. He said this provides positive
results for the citizens of Plymouth and also for the tenants to keep rent increases down.
MOTION by Chairman Kulaszewicz, seconded by Commissioner Miller, to approve the
Plymouth Towne Square 2010 operating budget amendment. Vote. 5 Ayes. MOTION
approved.
C. First Time Homebuyer Program. Accept Donation for 3325 Garland Lane N.
Chairman Kulaszewicz introduced Housing Manager Baines who gave an overview of the staff
report.
MOTION by Commissioner Miller, seconded by Commissioner Caryotakis, to accept the
donation of $30,000 from the Walsh Family Trust Vote. 5 Ayes. MOTION approved.
OTHER BUSINESS
Housing Manager Barnes distributed a report for Plymouth Towne Square and Vicksburg
Crossing which was prepared internally with the Finance Department. He explained this report
takes a snapshot of the larger financial reports breaking it down monthly. Housing Manager
Barnes said this report simplifies and analyzes the cash position of the buildings and how it
tracks against the budget.
Discussion followed on the age of the building and repairs required on Plymouth Towne Square
which is now 20 years old. It was suggested there might be cost savings to replace the windows
in bulk at this time for cost savings and economically.
Chairman Kulaszewicz asked how the mechanicals are functioning at Plymouth Towne Square
doing.
Housing Manager Barnes reviewed water issues which resulted in premature replacement of
copper, valves, condensers, boilers, etc. as there was no soft water for the first five years. He
said a more rigid maintenance schedule is in place.
Chairman Kulaszewicz thanked Housing Manager Barnes for the operating summary.
Draft
Plymouth Housing and Redevelopment Authority
November 18, 2010
Page 4
Housing Manager Barnes said the City received a new TIF application for a housing project from
Quest Development at the southwest quadrant of State Highway 55 and Highway 169 for a 157 -
unit building. The application is for $2,8 million in TIF, plus a reduction in park dedication fees.
Housing Manager Barnes said the proposal would be for 10% of the units to be affordable.
4. ADJOURNMENT
MOTION by Chairman Kulaszewicz to adjourn the meeting at 7:27 p.m.
P
PLYMOUTH
TOWNE SQUARE
MEMORANDUM
To: Jim Barnes
From: Kathy Boesen, Managing Director, Plymouth Towne Square
Date: December 15, 2010
RE: PTS Monthly Report for November 2010
December Newsletter and December Calendar attached
November financial statement attached
OccupancylMarketing
November Move Outs/ins and Internal Moves
Apartment 124 (one -bedroom) moved out the end of November. This
apartment is rented for January 1, 2011.
November Vacant Un -leased Apartments
Apartment 132 (two-bedroom) gave notice and will be moving to Florida by
the end of December.
November Vacant Leased Apartments
Apartment 130 (one -bedroom) is rented for February 1, 2011.
November Notice to Vacate Apartment
None
AdministrativelBuilding Operations
Midwest Aerial Contracting was here to replacelrepair exterior security and
parking lot lighting components. Cost $196.
Motzko Plumbing was here to repair several pipe leaks on the hot water
circulation line. Cost $439.85.
15500 37th Avenue North • Plymouth, MN 55446-3250
Phone: (763) 550-9525 • Pax: (763) 551-0144
Owned by Plyntauth Hauling and Redevelopment Acnhodry
Midwest Fuel was here to fill the gas tank for the backup generator. Cost
362.06.
Our Drywall Contactor was here to repair an apartment ceiling that had water
damage from a leaky zone valve in the apartment above. This had happenec
last spring and the resident did not want to have it fixed at that time. The
resident has since moved out so it was fixed.
Resident Services
Several residents had a PTS Craft Sale the beginning of the month, It was very
fun and successful. They are planning to have it again next year.
The Pancake Breakfast was on the 20tH
Resident Meeting was held on the 24tH, where the birthdays for the month were
celebrated.
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Balance Sheet
PLYMOUTH TOWNE SQUARE
As Of November 3®,201 a.
Ending Balance
ASSETS
Total
CURRENT ASSETS
M I PETTY CASH 500
M [ OPERATING ACCOUNT 52,882
M I SEC DEPOSIT CASH ACCOUNT 47,674
INVESTMENTS- WORKING CAPITAL FUND 767,135
INVESTMENTS - NEW DEBT SERVICE 87,138
ACCOUNTS REC-TENANTS 7)
INTEREST RECEIVABLE 950
ACCOUNTS REC-OTHER 770
PREPAID PROPERTY INSURANCE 14,369
PREPAID OTHER 2,261
TOTAL CURRENT ASSETS 973,671
FIXED ASSETS
LAND 459,247
SITE IMPROVEMENTS 1€1,390
BUILDING 5,767,619
BUILDING IMPROVEMENTS 301,779
FURN, FIXT& EQUIP -GENERAL 237,652
FURNITURE & FIXTURES - HOUSEKEEPING 8,696
COMPUTERS]OFFICE EQUIPMENT 13,060
ACCUMULATED DEPRECIATION 2,764,527)
TOTAL FIXED ASSETS 4,134,916
NON-CURRENT ASSETS
DEFERRED CHG - ORIG ISS COSTS 17,797
DEFERRED CHG - BOND ISSUANCE COSTS 23,672
TOTAL NON-CURRENT ASSETS 41,469
TOTAL ASSETS 5,150,056
Balance Sheet
PLYMOUTH TOWNS SQUARE
As Of November 30,2010.
TOTAL LIABILITIES
EQUITY
RETAINED EARNINGS RESERVED FOR DEBT
SERVICE
RETAINED EARNINGS
TOTAL EQUITY
CURRENT YEAR INCOME!(LOSS)
TOTAL LIABILITIES & EQUITY
126,744
1,365,818
3,503,840
3,569,727
1,492,562
87,767
6,150,066
Ending Balance Total
LIABILITIES
CURRENT LIABILITIES
ACCOUNTS PAYABLE -TRADE 6,728
ACCRUED PAYROLL 2,003
ACCRUED COMPENSATED BALANCES 3,209
ACCRUED INTEREST 25,848
ACCRUED REAL ESTATE TAXES 26,923
ACCRUED OTHER 1,376
TOTAL CURRENT LIABILITIES 65,886
LONG-TERM LIABILITIES
SECURITY DEPOSITS 46,090
BONDS PAYABLE 3,490,000
BOND DISCOUNT 32,250)
TOTAL LIABILITIES
EQUITY
RETAINED EARNINGS RESERVED FOR DEBT
SERVICE
RETAINED EARNINGS
TOTAL EQUITY
CURRENT YEAR INCOME!(LOSS)
TOTAL LIABILITIES & EQUITY
126,744
1,365,818
3,503,840
3,569,727
1,492,562
87,767
6,150,066
Profit and Loss Variance
PLYMOUTH TOWNE SQUARE
Through November 30,2010.
MTD Actual Budget Var. YTD Actual Budget Var. Year Budget
INCOME
APARTMENT RENTAL REVENUE 49,028 49,470 442) 532,264 544,170 11,906) 593,640
NRA INDIVIDUAL 17,553 28,000 2,447) 222,447 220,000 2,441 240,600
GARAGE RENT 2,970 2,790 189 32,272 30,590 1,582 33,480
GUEST ROOM REVENUE 100 250 150) 1,980 2,150 L770) 3,000
LAUNDRY REVENUE 770 825 55) 8,565 9,075 510) 9,900
APPLICATION FEE REVENUE 0 53 53) 350 583 233) 636
TRANSFER FEE REVENUE 0 0 0 50 700 650) 700
SMOKER'S FEE REVENUE 0 B3 83) 0 913 913) 996
INVESTMENT INCOME 475 1,960 1,485) 5,267 21,560 16,293) 23,520
MISCELLANEOUS REVENUE 62 20 42 1,059 220 849 240
TOTAL INCOME 70,958 75,451 4,493) 804,263 830,661 26,398) 906,112
EXPENSES
ADMINISTRATION
MANAGER SALARIESfWAGES 1,957 2,052 94 21,777 22,567 789 24,618
ASST MANAGER SALARIESNIAGES 1,800 1,748 521 20,024 19,223 601) 20,970
PAYROLL TAXES 527 541 14 6,515 5,951 564) 5,492
HEALTH INSURANCE 1,147 1,340 193 13,387 14.740 1,353 18,080
WORKERS COMP INSURANCE 175 113 62) 1,482 1.243 239) 1.356
MAINTENANCE SALARIESNIAGES 1,468 1,442 26) 16,261 15,862 399) 17,304
MAINTENANCE ASST SALARIESANAGES 705 767 62 8,145 8,437 292 9,204
EMPLOYEE COSTS 148 184 37 2,698 2,024 674) 2,208
SEMINARITRAINING 0 25 25 0 275 275 300
BANK rEES 0 5 5 148 55 93) 60
DUES, SUBS & MEMBERSHIPS 0 10 10 50 110 50 120
LICENSE & PERMITS 0 75 75 894 825 69) 900
MILEAGE REIMBURSEMENT 49 53 4 600 585 17) 636
POSTAGEIOVERNIGHT EXPRESS 0 6 6 44 66 22 72
PRINTING 0 9 9 0 99 99 108
MANAGEMENT FEES 4,400 4,400 0 49,400 48,400 0 52,800
PROFESSIONAL FEES 0 135 135 1,299 1,485 185 1,620
TELEPHONE EXPENSE 436 425 11) 4,807 4,675 132) 5,100
EQUIPMENT LEASEIREPAIR 0 185 185 1,614 2,035 421 2,220
OFFICE SUPPLIES 89 B2 7) 773 902 129 904
MISCELLANEOUS ADMIN EXPENSE 0 i9 10 0 110 110 120
TOTAL ADMIN EXPENSES 12,901 13,606 705 148,927 149,666 739 163,272
RESIDENT SERVICES
RESIDENT PROGRAMIACTIVRIFS 71 210 159 11842 2,375 533 3,475
TOTAL RES SERV EXPENSES 71 210 139 1,942 2,375 533 3,475
MARKETING
PROMOTIONALIPARTIES 0 15 15 0 165 165 180
TOTAL MARKETING EXPENSES 0 16 15 0 165 165 180
HOUSEKEEPING
CONTRACT LABOR 1,464 1,500 37 15,889 16,500 632 16,009
CLEANING SUPPLIES 16 170 154 1,274 1,870 596 2,040
TOTAL HOISEKEEP(NG EXPENSES 1,480 1,670 190 17,142 18,370 1,228 20,049
Profit and Loss Variance
PLYMOUTH TC WNW SQUARE
Through November 30,2010.
MTD Actual Budget Var. YTD Actual Budget Var. Year Budget
BUILDING & GROUNDS
CABLE TV EXPENSE 58 49 9) 598 539 159) 588
UTILITIES -ELECTRICITY 1,815 1,975 101 21,364 22,825 1,461 24,825
UTILITIES -GAS 1,629 3,200 1,571 16,950 27,665 6,715 33,365
UTILITIES - WATERISEWER 571 630 41) 7,664 7,650 114) 8,180
WATER SOFTENING SERVICE 279 350 71 3,092 3.850 75B 4.2n0
DOORS, KEYS & WINDOWS 548 540 9) 7,640 5,940 1,700) 6,480
FIRE SYSTEM SERVICE 0 535 535 3,999 5,885 1,886 6,420
LAWN SERVICELMDSCAPI6NOW RMVL 2,300 1,560 750) 16,247 17,050 803 18,600
PEST CONTROL 0 0 0 425 525 100 ICD
TRASH REMOVAL 595 575 20) 5,929 6,325 604) 6,900
UNIT TURNOVER REPAIRS 0 2,500 2,500 23,976 27,500 3,524 30,000
RESERVEREPLACE CAPITAL EXPENSE 0 0 0 10,909 10,700 209) 10,700
ELEVATOR -REPAIRS & MAINTENANCE 454 470 16 7,338 5,170 2,165) 5,64D
REPAIRS & MAINTENANCE 1,713 1,575 136) 24,015 17,325 01690) 18.900
BUILDING & GROUNDS SUPPLIES 110 1,000 890 5,537 11,000 4.363 12,000
HVAC -REPAIRS & MAINTENANCE 218 1,250 1,032 10,461 13,750 3,289 15,000
MISCELLANEOUS R & G EXPENSES 0 16 15 0 165 165 180
TOTAL 8(111 -DING & GROUNDS 10,350 16,114 5,764 170,244 183,864 13,620 202,678
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 2,399 2,543 144 26.963 27,455 492 29,998
PAYMENT IN LIEU OF PROPERTY TAX 2,44B 2,474 26 26,923 27,214 291 29,688
TOTAL OTHER OPERATING EXPENSES 4,846 5,017 171 53,886 54,669 783 59,686
TOTAL OPERATING EXPENSES 29,647 36,632 6,985 392,041 409,109 17,068 449,331
NET OPERATING INCOME I ( LOSS) 41,311 38,819 2,492 412,222 421,552 9,330) 456,781
DEPREC, INTEREST & OTHER EXPENSE
DEPRECIATION EXPENSE 16,450 14,178 2272) 180,947 155,958 24,989) 170,136
AMORTIZATION EXPENSE 465 465 0 5,116 5,115 1) 5,5B0
INTEREST EXPENSE 12,924 12,473 451) 138,391 137,203 1,188) 149,676
TOTAL DEPREC, INTEREST & OTHER 29,839 27,116 2,723) 324,455 298,276 26,179) 325,392
NET INCOME I (LOSS) 11,472 11,703 231) 87,767 123,276 35,5091 131,389
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DECEMBER BIRTHDAYS
Happy Birthday to the following residents who
are celebrating birthdays this month!
DALE DAVIES 1
BETTY POMERLEAU 3
TSILIA KATSNELSON 4
DONALD MOWAN 4
RAISA KOCHERGINA 8
s.... CLARA COLLIER 11
RAJ BHANDARI 12
L EV RIZKOV 15
CONSTANCE LIVERMORE 16
BARBARA GREENWOOD 17
WGERALDES TBY 21
CHARLOTTE WOLLMAN 29
LESLEE BALDINGER 30
ORRAIN 30LESMITHH
BE ERL 31BEVERLYANDERSON
VADZIM DZEMIANIUK 31
Many of you will be decorating your
apartments for the holiday season. This is
just a reminder that we cannot have live
trees or wreaths in the building. They are
against fire code. But have fun
decorating!
Because of the busy holiday season, there
will be no Pancake Breakfast, Resident
Council Meeting or a Resident Meeting in
December.
Thank you again this year to all the
wonderful helpers who decorated out
building for the holidays. Great job!
Your Holiday Giving Collection was a
huge success. $473 was collected and it
was topped off by funds from the
Resident Fund to make it $500. Ten
50 gift certificates were purchased and
given to Interfaith Outreach to be given
to several families in Plymouth with need.
Thank you for sharing with others.
HOLIDAY DINNER
Tuesday, December 71h at 6:00
HOLIDAY DINNER TICKETS WILL BE
ON SALE Nov. 29, 30, Dec 1 Sr
From 10-12:00
Tickets are $ 5.00
Dinner will be catered by the
Lookout Bar and Grill
Entertainment/Door prizes
This is a residents only party!
HANUKKAH
December 2- 97 2010
For three years, Judah the Maccabee led
the Jewish people against the Syrians.
The Syrian Greeks had weapons and
greatly outnumbered the Jews. The
Maccabees had few if any weapons. They
hid in the Judean Hills and attacked
whenever they could. Slowly but surely,
they wore down the enemies. Finally, in
165 B.C. the Jewish people reclaimed
Jerusalem. They cleared the temple of
the idols and restored it. In the temple, a
Menorah was lit every day. They only
found one small jar of oil that had not
been damaged. This small jar was
expected to last one day, but it burned
for an entire week. Thus, Hanukkah is
celebrated for eight days. Hanukkah
marks the first battle fought neither for
territory, nor the conquest of another,
but in order to achieve religious freedom.
Hanukkah means "dedication" is also
called the Festival of Lights.
CHRISTMAS
For Christians around the world, this
beautiful season, demonstrates God's love
for mankind by entering the world in the
most humbling of circumstances. The
birth of the Christ child celebrates Gods
plan for the redemption and peace of
mankind.
The Biblical accounts of the birth of
Christ are found in Luke, Chapter 2 and
Matthew, Chapter 2. The story in Luke
tells how the angels appeared to the
shepherds while they were tending the
flocks. The angels pointed them to the
place where the Christ child was born and
the shepherds came and worshiped Him.
The shepherds were some of the poorest
individuals in that day but they were
among the first invited to know about the
birth of the Christ child.
The story in Matthew tells how the wise
men saw the star, followed it to
Bethlehem and worshiped the Christ
child. The wise men brought gifts of gold,
frankincense and myrrh. The birth of
Christ was announced to the poorest and
the richest, demonstrating that all people
are equal in the eyes of God.
Many years ago Plymouth Towne Square
had a program called the "I'M OK
PROGRAM". A couple of residents in
the building would walk from floor to
floor checking on other residents who
would hang their "I'M OK" sign on their
door knob. We ran out of volunteers and
the program ended. It was suggested that
in its place you pick a friend or two in the
building and do the same, check on them.
I think it is a good idea. We all need
someone to care for us!
may_
PTS IS SMOKE FREE!
As of January 1, 2011 our building and
property will be smoke free. Please
remind your family and guest that if they
wish to smoke, it will have to be done off
the PTS property.
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I ri N
MEMORANDUM
To: Jim Barnes
From: Lori Jackson, Managing Director, Plymouth Towne Square
Date: January 14, 2011
RE: PTS Monthly Report for December 2010
January Newsletter and January Calendar attached
December financial statement attached
Occupancy/Marketing
December Move Outs/Ins and Internal Moves
Apartment 124 (one bedroom) resident moved_ in the end of December.
December Vacant Leased Apartment
Apartment 130 (one bedroom) leased for February 1, 2011.
December Unleased Apartment
Apartment 132 (two bedroom) is currently available.
December notice to vacate
None
ADMINISTRATIVEIBUILDING OPERATIONS
Sears repaired a dryer. $126.10
Water softener repaired. $411.21
All star construction repaired a leak in Unit #318. A vent was the source of the
leak. Noises reported above Units # 320,321 and 322. Nothing found. The soffit
fascia and roof vents were inspected for the source of the noise. $529.41.
Ice dam was removed above Unit #206. No leakage into unit.
Apartment Turn Costs
Unit #124 new carpet - $1113.15
Unit #130 new vinyl in bathroom - $445.60
Unit 132 New carpet and vinyl in both kitchen and bath will be installed the last
week in January.
Resident Services
The Holiday party was held December 7th.
Due to the holidays, the resident meeting was not held in December.
Balance Sheet
PLYMOUTH TOWNE SQUARE
As Of December 31,2010.
NON-CURRENT ASSETS
DEFERRED CHG - ORIG ISS COSTS 17,650
DEFERRED CHG - BOND ISSUANCE COSTS 23,557
TOTAL NON-CURRENT ASSETS 41,207
TOTAL ASSETS 5,181,350
Ending Balance Total
ASSETS
CURRENT ASSETS
M 1 PETTY CASH 500
M 1 OPERATING ACCOUNT 75,060
M I SEC DEPOSIT CASH ACCOUNT 46,090
INVESTMENTS -WORKING CAPITAL FUND 767,135
INVESTMENTS - NEW DEBT SERVICE 115,269
ACCOUNTS REC-TENANTS 1)
INTEREST RECEIVABLE 1,425
ACCOUNTS REC-OTHER 768
PREPAID PROPERTY INSURANCE 31,976
PREPAID OTHER 2,374
TOTAL CURRENT ASSETS 1,020,590
FIXED ASSETS
LAND 459,247
S1TE IMPROVEMENTS 111,390
BUILDING 5,767,619
BUILDING IMPROVEMENTS 301,779
FURN, FIXT & FQU1P-GENERAL 237,652
FURNITURE & FIXTURES - HOUSEKEEPING 8,696
COMPUTERS/OFFICE EQUIPMENT 14,146
ACCUMULATED DEPRECIATION 2,760,976)
TOTAL FIXED ASSETS 4,119,552
NON-CURRENT ASSETS
DEFERRED CHG - ORIG ISS COSTS 17,650
DEFERRED CHG - BOND ISSUANCE COSTS 23,557
TOTAL NON-CURRENT ASSETS 41,207
TOTAL ASSETS 5,181,350
Balance Sheet
PLYMOUTH TOWNS SQUARE
As Of December 31,2010%
Ending Balance
LIABILITIES
CURRENT LIABILITIES
ACCOUNTS PAYABLE -TRADE 18,004
ACCRUED PAYROLL 4,565
ACCRUED COMPENSATED BALANCES 3,209
ACCRUED INTEREST 38,772
ACCRUED REAL ESTATE TAXES 29,370
ACCRUED OTHER 869
TOTAL CURRENT LIABILITIES
LONG-TERM LIABILITIES
SECURITY DEPOSITS 45,366
BONDS PAYABLE 3,490,000
BOND DISCOUNT 32,047)
TOTAL LIABILITIES
EQUITY
RETAINED EARNINGS RESERVED FOR DEBT 126,744
SERVICE
RETAINED EARNINGS 1,365,816
TOTAL EQUITY
CURRENT YEAR INCOMEI(LOSS)
TOTAL LIABILITIES & EQUITY
Total
94,789
3,503,319
3,598,108
1,492,562
90,660
5,181,350
Profit and Loss Variance
PLYMOUTH i'OWNE SQUARE
Through december 31,2010,
MTD Actual Budget Var. YTD Actual Budget Var. Year Budget
INCOME
APARTMENT RENTAL REVENUE 48,789 49,470 690) 581,044 593,640 12,596) 593,640
HRA INDIVIDUAL 17,553 20,000 2,447) 240,000 240,000 0 240,000
GARAGE RENT 2,970 2,79D 160 35,242 33,480 1,762 33,480
GUEST ROOM REVENUE 150 250 100) 2,130 3,00D 87D) 3,000
LAUNDRYREVENUE 768 626 57) 9,333 9,9DD 567) 9,900
APPLICATION FEE REVENUE 0 53 53) 350 636 286) 836
TRANSFER FEE REVENUE 0 0 0 50 700 650) 700
SMOKERS FEE REVENUE 0 83 83) 0 996 995) 996
INVESTMENT INCOME 475 1,960 1,465) 5,742 23,520 17,778) 23,520
MISCELLANEOUS REVENUE 857 20 837 1,925 240 1,686 240
TOTAL INCOME 71,553 75,451 3,898) 875,816 906,112 30,296} 996,112
EXPENSES
ADMINISTRATION
MANAGER SALARIESIWAGES 2,023 2,052 29 23,600 24,618 818 24,618
ASST MANAGER SN-ARIESIWAGES 3,794 1,74E 2,046) 23,817 20,970 2,847) 20,970
PAYROLL TAXES 535 541 6 7,049 5,492 557( 6,402
HEALTH INSURANCE 1,147 1,340 193 14,535 16,080 1,545 16,080
WORKERS COMP INSURANCE 599) 113 712 093 1,355 473 1,366
MAINTENANCE SALARIESIWAGES 1,588 1,442 146) 17,850 17,304 546( 17,304
MAINTENANCE ASST SALARIESMlAGLS 773 767 6) 8,918 9,204 285 9,204
EMPLOYEE COSTS 45 184 139 2,743 2,208 535) 2,208
SEMINARI[RAINING 0 26 25 0 300 300 300
BANK FEES 0 6 5 148 50 88) 60
DUES, SUDS & MEMDERSH]Ps 50 10 40) 110 120 10 120
LICENSE & PERMITS 0 75 75 894 900 6 900
MILEAGE REIMBURSEMENT 41 53 12 641 636 5) 636
POSTAGFIOVERNIGHT EXPRESS 44 6 38) 88 72 16) 72
PRINTING 0 9 9 0 108 108 106
MANAGEMENT FEES 4,400 4,400 0 52,800 52,800 0 52,800
PROFESSIONAL FEES 94 135 41 1,393 1,620 227 1,520
TELEPHONE EXPENSE 435 425 10) 5,242 5,100 142) 5,100
EQUIPMENT LEASEIREPAIR 0 165 185 1,614 2,220 606 2,220
OFFICE SUPPLIES 14 82 68 787 984 197 984
MISCELLANEOUS ADMIN EXPENSE 0 10 10 0 120 120 120
TOTAL ADMIN EXPENSES 14,384 13,606 778) 163,311 163,272 39) 163,272
RESIDLNT SERVICES
RESIDENT PROGRAMIAGTIVITIES 1,548 1,100 448) 3.390 3,475 85 3,475
TOTAL RES SERV EXPENSES 1,548 1,100 448) 3,390 3,475 85 3,475
MARKLTING
PROMOTIONALIPARTIFS 0 15 15 0 180 160 180
TOTAL MARKETING EXPENSES 0 15 15 D 180 180 180
HOUSEKEEPING
CONTRACT LABOR 1,429 1,500 72 17,297 18,000 703 18,000
CLEANING SUPPLIES 153 170 17 1,426 2,040 614 2,049
TOTAL HOUSEKEEPING EXPENSES 1,581 1,670 89 18,723 2D,040 1,317 20,040
Profit and Loss Variance
PLYMOUTH TOWNE SQUARE
Through December 31,20110,
BUILDING & GROUNDS
CABLE TV EXPENSE
UTILITIES - ELECTRICITY
UTILITIES - GAS
UTILITIES - WATERfSEWER
WATER SOFTENING SERVICE
DOORS, KEYS & WINDOWS
FIRE SYSTEM SERVICE
LAWN SERVICEILANDSCAPISNOW RMVL
PEST CONTROL
TRASH REMOVAL
UNIT TURNOVER REPAIRS
RESERVEJREPLACE CAPITAL EXPENSE
ELEVATOR -REPAIRS & MAINTENANCE
REPAIRS & MAINTENANCE
BUILDING & GROUNDS SUPPLIES
HVAC - REPAIRS & MAINTENANCE
MISCELLANEOUS B & G EXPENSES
TOTAL BUILDING B GROUNDS
OTHER OPERATING EXPENSES
PROPERTY A LIABILITY INSURANCE
PAYMENT IN LIEU OF PROPERTY TAX
TOTAL OTHER OPERATING EXPENSES
TOTAL OPERATING EXPENSES
NET OPERATING INCOME 1( LOSS)
DEPREC, INTEREST & OTHER EXPENSE
DEPRECIATION EXPENSE
AMORTIZATION EXPENSE
IMERrST EXPENSE
TOTAL DEPREC, INTEREST & OTHER
NET INCOME 1(LOSS)
MTD Actual Budget Var. YTD Actual Budget Var. Year Budget
58 49 9) 656 588 68) 588
2,003 2,000 3) 23,367 24,825 1,456 24,825
4,179 5,70D 1,521 23,129 33,365 10,236 33,365
635 530 105) 8,299 6,160 119) 6.160
395 350 45) 3,487 4,200 713 4?0D
0 540 54U 7,640 9,400 1,166) 6,4B0
0 535 535 3,999 6.420 2,421 6,420
4,059 1,550 2,509) 20,306 i8,600 1,706) 16,600
142 175 33 566 700 134 700
598 575 23) 7,527 6,500 627) 5,900
1,559 2,500 941 25,535 30,000 4,455 30,000
0 0 0 10,909 10,700 209) 10,700
454 470 16 7,792 5,640 2,152) 5,640
1,082 1,575 483 25,097 18,900 6,197) 18,900
795 1,000 205 7,432 12,000 4,568 12,000
386 1,250 B54 10,846 15,000 4,154 15,000
0 15 15 0 180 180 180
16,344 16,914 2,470 186,586 202,678 15,090 202,676
2,399 2,543 144 29,352 29,998 636 29,998
2,448 2,474 26 29,370 29,666 318 29 688
4,846 5,017 171 50,733 59,686 853 59,686
36,703 40,222 1,519 430,745 449,331 18,586 449,331
32,849 35,229 2,380) 445,071 456,781 11,710} 456,701
16,450 14,178 2,272) 197,397 170,135 27,251) 170,136
465 465 0 5,581 5,5BU 1) 5,580
13,022 12.473 549) 151,414 149,576 1,738( 149,676
29,937 27,116 2,821) 354,392 325,392 29,000) 325,392
2,912 0,113 5,2011 90,680 131,389 40,709) 131,389
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r ANUAICY BIRTHDAYS
Happy Birthday to the following residents who
are celebrating birthdays this month!
YANSHAN- lrI -- 1
ry_
ANA700 _ WORKIN 6
BETTIE ALLISON 6
HELEN ANDERBERG 6
BEN KELLEY 10
ELIZAVETA MORKINA 10
BOB EASTLACK 12
HELEN THOMPSON 13
EVELYN ANDERSON 17
VIVIAN SMITH 21
MARGARET PEARSON 29
WELCOME TO 2011!
WELCOME NEW
RESIDENT
Anatoliv Gutman
THINGS TO NOTE!
o
The office still collects used
eyeglasses. `Just drop them off
and 1 will deliver them.
o=
PTS IS SMOKE FREE!
As of January 1, 2011 our building
and property will be smolze free.
Please remind your family and
friends that if they wish to
smoke, it will have to be off the
PT5 property.
o
Phil from PrairieStone will be
here January 20{
x'
at 1:00 pm to
answer more of your
pharmaceutical questions. Time
change for resident council
meeting to 12:00 noon.
KING JR.
January 17th
Martin Luther King, Jr, Day is
observed every third
Monday in January. This
day is close to King's actual
birthday which is January 15.
The federal holiday was
signed into existence
November 2, 1983, by
President Ronald Reagan to
honor the life and
contributions of Martin
Luther King, Jr. King was
assassinated April 4,1968,
while standing on the
balcony of the Lorraine
Motel in Memphis, TN. He
was in town preparing to
spear and march with the
local sanitation workers.
King and his colleagues were
preparing to go to eat
dinner prior to him being
shot.
Martin Luther King, Jr. Day is
a day of service, whereby
many people volunteer and
give assistance to their
community as a way to
observe the holiday.
U.S. PRESIDENT & VICE PRESIDENT: Lyndon Johnson & Hubert Humphrey
HEADLIlVES: Monthly Draft Calls Rise to 10 Times theAverage for 1965
Sniper at the University of Texas Dills 12 and Wounds 33
Chicago Ex -convict Rounds Up Nine Nurses, Kills Them One by One
Supreme Court Issues "Miranda" Rulilg
Russia Makes First Soft Moon Landing
Artificial Pump Implanted in Heart
Ronald Reagan Elected Califomia Governor
First Direct -dial International Call Is Made
Mao Launches Cultural Revolution
ildzi' Garfc%Bsinslhd'.s iir(e Minister
Lost H-bomb ReeoveTedBy Sulo
I1Yl G IT MAN O HE VEAR AzrEntirerenezation - 25 and Under
C.OST`OFLZVING: -NowH6u'seAverage Income - $6,899 per year
New, Car - $2,653 `Average Rent - $120 per month
Gasoline - 32¢ per gallon -Harvard Tuition - $1,760 per year
Movie Ticket - $1.25 •Postage Stamp - 50
COSYOF ]FOOD:: -Granulated Sugar - 5 5 ¢ per 5 pounds -Vitamin D Milk $1.11 per gallon
Ground Coffee - 90¢ per pound -Bacon - 720 per pound
perpoundEggs - 3 6¢ per dozen •Ground Ham urger - p
Fresh Broad - 22¢ per loaf
FADS: -Mini skirts -Paper Jewelry -Transparent Vinyl Dresses -Pantsuits • Granny Eyeglasses
Now toys: Spirograph®, Twister°, Barrel of Monkeys®, V ew-master®
Batfnan
POPULARTV SHOWS: -Bonanza -The Red Skelton Show -The Andy Griffith Show -The Lucy Show
The Jackie Gleason Show Green Acres •Daktari Bewitched
The Beverly Hillbillies -It's the Great Pumpkin, Charlie Brown (airs for first tune)
How the Grinch Stole Christmas (aims for first time) -That Girl -Star Trek
SONGS: The Sound of Silence (Simon and Garfunkel), We Can Work -It Out (The Beatles), My Love
Petula Clark), Lightnin'Strikes (Lou Christie), TheseBootsAre Madefor YValkin'(Nancy
Sinatra), Ballad of the Green -Berets (Sgt. B any Sadler), Illonday, Monday (The Mannas and the
Papas), When. a Man Loves a PT bman (Percy Sledge), Last Train to Clarkesville (The Monkees)
SPORTS: •Champions include theBaltinore Orioles (baseball), GreenBayPackers (football), England
World Cup soccer) and Montreal Canadians (hockey)
Busch Stadium (St. Louis, MO) opens.
NATIONAL PIE DAY WORD SEARCH
H S T R A W B E R R Y D
C T B G E P B W S G S R
P E C A N H P T S F J U
U A C H O C O L A T E B
M K B M K R O X E G V M
P E A N U T B U T T E R
K J N R K D E M C B M V
O A C O C O N U T I N
N B N E Y S H O O F L Y
R X A U M V K V C M Y C
R B C H E. R R Y R R E B
N Y'' V. N N C O P B F K L
WORD LIST
APPLE • COCONUTCREAM
BANANA OR BANANA CREAM • KEY LIME
BERRY(ALLTYPES) LEMON MERINGUE
CHERRY MISSISSIPPI MUD
CHOCOLATESILK PEANUTBUTTER
PECAN
PUMPKIN
SHOOFLY
STEAKOR KIDNEY
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MEMORANDUM
To: Jim Barnes
From: Sara Paquette
Date: January 94, 2010
RE: Vicksburg Crossing Monthly Report for December 2090
January Newsletter and January Calendar attached
Rentals:
As of December 31, we have 89 occupied apartments with 5 vacant, and we have 1 deposit at this time,
giving us a total of 4 apartments available to rent. We have 2 people that have chosen to keep deposits on
file until either a particular apartment becomes available or they sell the home they are currently living in.
The Low Income Apartment waiting list now has 28 names so I have been adding interested people to the
list.
Listed below is a breakdown of units that are occupied and vacant.
Style (Total #)
Square Feet Bedrooms Occupied Vacant
Deposits
Style A (23) 850 Sq Ft 1 Bedroom 22 1
Style C (8) 884 Sq Ft 1 + Den 7 1
Style C2 (8) 950 Sq Ft 1 + Den 8 0
Style D (8) 1187 Sq Ft 2 Bedroom 8 0
Style D2 (4) 1281 Sq Ft 2 Bedroom 4 0
Style E (7) 1055 Sq Ft 2 Bedroom 7 0 0
Style E2 (3) 1055 Sq Ft 2 Bedroom 2 1
Affordable (33) 725 Sq Ft 1 Bedroom 31 2 1
TOTALS 1 89 5 1
3155 Viclzshurg I anc +Plymouth, NiN 55447 • Phone (763)559-1877 • Fax (763)559-014 + wtivcv.ci.plyniouth.nn.us
01vned by P131MOL b xonsing auJ Redmclopment Authority
EQUAL HOUSING
OPPORTUNITY
Move-Ins/Move-Outs:
We had 2 move -ins and 4 move outs during the month of December. Two residents passed away, one
moved in with her children for financial reasons, and one resident had to move into assisted living.
Marketing
We continue to advertise,in the Lakeshore Weekly and Sun Sailor. Our next Open House will be in the
spring.
Resident Services
We had our Holiday Party on Wednesday, December Ste. We had 80 residents attend, which is the largest
group we have had at our Holiday Party. The residents enjoyed the food from Lookout Bar and Grill.
Cindi Scheffler, our musical entertainment, was a big hit. She sang some holiday songs but also included
a variety of other songs. We had a drawing for gift certificates from the local businesses.
On Wednesday, December Ste during our coffee hour the children from Ascension Pre -School came to
perform for the residents, They brought cookies, milk and cards for the residents. Everyone enjoyed their
show.
We had our monthly birthday party on Thursday, December 16th we had cake, ice cream, and coffee. We
decorated with balloons, festive napkins and plates. We listed the birthday people on a balloon poster. The
residents stood if it was their birthday and we sang Happy Birthday.
BuildingIssues
Keeping up with the snow removal has been a challenge for everyone. We have had a request for adding
hand railing in the trash rooms. This is something we are investigating in terms of practicality & cost.
Balance Sheet
As Of December 31,2010.
Ending Balance
ASSETS
CURRENT ASSETS
M I PETTY CASH 850
M I OPERATING ACCOUNT 277,329
M I SECURITY CASH ACCOUNT 52,252
INVESTMENTS - WORKING CAPITAL FUND 181,468
INVESTMENTS - DEBT SERVICE 488,140
ACCOUNTS REC-TENANTS 903
INTEREST RECEIVABLE 510
PREPAID PROPERTY INSURANCE 12,581
PREPAID OTHER 3,425
TOTAL CURRENT ASSETS
FIXED ASSETS
LAND 874,593
S1TE IMPROVEMENTS 238,793
BUILDING 9,025,428
FURNITURF, FIXTURFS & FOUIP-GFNERAL 353,456
COMPUTERSIOFFICE EQUIPMENT 4,711
ACCUMULATED DEPRECIATION 1,504,841)
TOTAL FIXED ASSETS
NON-CURRENT ASSETS
BOND ISSUANCE COST 60,187
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
Total
1,017,458
8,992,139
60,187
10,069,785
Balance Sheet
VICKSBURG CROSSING
As Of December 31,2010.
Ending Balance
LIABILITIES
CURRENT LIABILITIES
ACCOUNTS PAYABLE -TRADE 16,433
HEARTS & MEMORIALS FUND DONATIONS 350
ACCRUED PAYROLL 4,565
ACCRUED COMPENSATED BALANCES 750
ACCRUED INTEREST 199,350
ACCRUED REAL ESTATE TAXES 46,450
TOTAL CURRENT LIABILITIES
LONG-TERM LIABILITIES
SECURITY DEPOSITS 50,333
BONDS PAYABLE 16,365,000
BOND DISCOUNT 29,962)
TOTAL LIABILITIES
EQUITY
RETAINED EARNINGS -RESERVED FOR DEBT 561,671
SERVICE
RETAINED EARNINGS (1,050,112)
TOTAL EQUITY
CURRENT YEAR INCOMEI(LOSS)
TOTAL LIABILITIES & EQUITY
Total
267,898
10,405,371
10,673,269
41313,441)
116,043)
16,069,765
Profit and Loss Variance
VICKSBURG CROSSING
Through December 31,2010,
MTD Actual Budget Var. YTD Actual Budget Var. Year Budget
INCOME
APARTMENT RENTAL REVENUE 85,835 83,091 2,744 977,405 979,749 2,343} 979,749
APARTMENT RENTAL REVENUE -COUNTY 2,370 2,794 424) 29,567 33,531 3,964) 33,531
HRASUBSIDY-TAXLEVY 8,333 8,337 4) 99,996 100,000 4) 100,000
RENTAL CONCESSIONS 0 0 0 2,420) 1,200) 1,220) 1,200)
GARAGE RENT 3,015 2,836 ISO 35,890 34,020 1,870 34,020
GUEST ROOM REVENUE 70 130 60) 1,300 1,560 260) 1,560
LATE FEE REVENUE 0 20 20) 0 240 240) 240
APPLICATION FEE REVENUE 105 70 35 980 840 140 840
TRANSFER FEE REVENUE 0 29 29) 0 348 1348) 348
SMOKER'S FEE REVENUE 0 83 63) 0 996 1996) 996
INVESTMENTINCOME 170 470 0 2,222 2,040 182 2.040
MISCELLANEOUS REVENUE 394) 220 614) 4,079 2,640 1,439 2.640
TOTAL INCOME 99,504 97,779 1,726 1,149,020 1,154,764 5,744) 1,154,764
EXPENSES
ADMINISTRATION
MANAGER SALARIES 2,023 2,052 29 23,80D 24,618 618 24618
ASSISTANT MANAGER SALARY 3,794 4.746 2.046) 23,617 20,970 2,847) 20.970
PAYROLL TAXES 535 541 6 7,049 6,492 557) 6,492
HEALTH INSURANCE 1,292 1,340 48 14,652 16,080 1,428 16,080
WORKERS COMP INSURANCE 779) 113 892 605 1,356 751 1,356
MAINTENANCE 6ALARIESRNAGES 1,588 1,442 146) 17,850 17,304 546) 17,304
MAINTENANCE ASST SALARIES 773 767 6) 8,918 9,204 285 0,204
EMPLOYEE COSTS 45 180 135 2,743 2,160 583) 2,150
SEMINARITRAINING 0 25 25 0 300 300 30a
BANK FEES 4 5 1 172 60 117) 611
DUES, SUBS 8 MEMBERSHIPS 0 10 10 50 120 70 120
LICENSE 8 PERMITS 0 73 73 876 876 876
MILEAGE REIMBURSEMENT 41 51 10 641 612 29) 612
POSTAGEIOVERNIGHT EXPRESS 0 2 2 7 24 17 24
PRINTING 0 18 18 53 216 163 216
MANAGEMENTFEES 4,000 400D 0 48,000 48,OD 0 48,000
PROFESSIONAL FEES 126 180 55 4,070 2,160 1,910) 2,160
TELEPHONE EXPENSE 472 475 3 5,666 700 44 5,700
EQUIPMENT LEASFJREPAiR 57 169 106 1,806 1,956 150 1,955
OFFICESUPPLIES 0 120 120 716 1,440 724 1,440
TOTAL ADMIN EXPENSES 13,969 13,304 665) 161,511 159,648 1,863) 159,548
RESIDENT SERVICES
RESIDENT PROGRAMIACTIVITIES 153D 1.800 270 4,292 5,350 1,058 5,350
TOTAL RES SERV EXPENSES 1,530 1,800 270 4,292 5,350 1,U58 5,350
MARKETING
POSTAGE 14 20 6 115 240 125 240
PRINTING 0 13 13 D 156 155 156
ADVERTISING 0 700 700 7.427 8,400 973 8,40D
PROMOTIONAUPARTIE6 0 500 500 1.660 2,600 1,120 2,80D
TOTAL MARKETING EXPENSES 14 1,233 1,219 9,222 11,596 2,374 11,596
HOUSEKEEPING
CONTRAGTLABOR 896 070 74 13,212 11.640 1,572) 11,640
CLEANING SUPPLIES 72 80 8 852 950 105 960
TOTAL HOUSEKEEPING EXPENSES 968 1,050 82 14,064 12,600 1,464) 12,600
Profit and Loss Variance
VICKSBURG CROSSING
Through December 31,201 a.
OTHER OPERATING EXPENSES
MTD Actual Budget Var. YTD Actual Budget Var. Year Budget
BUILDING & GROUNDS
2,530 2,722 192 31,942 32,349 1,307 32,349
CABLE TV EXPENSE 58 107 49 1,107 1,284 177 1,284
UTILITIES • ELECTRICITY 2,278 2,100 178) 24,912 27,400 2,488 27,400
UTILITIES - GAS 4,221 6,600 2,379 21,6e0 37,600 15,910 37,800
UTILITIES -WATERISEWER 971 650 121) 12,110 10,975 1.195) 10,975
WATER SOFTENING SERVICE 162 13D 32) 1,469 1,560 91 1,560
COMMON AREA REPAIRSIMAINTENANCE 0 0 0 548 0 648) 0
DOORS, KEYS &WINDOWS 135 95 40) 808 1,140 332 1,140
FIRE SYSTEM SERVICE 53 220 167 3,917 2,640 1,277) 2,640
LAWN SERVICERIINDSCAP76NOW RMVL 2,915 1,400 1,515) 14,853 16,800 1,937 16,800
PEST CONTROL 161 160 1) 644 640 4) 640
TRASH REMOVAL 571 539 41) 7,723 6,350 1,363) 6,360
UNIT TURNOVER REPAIRS fm 900 99fi) 34,850 10,800 24,050) 10,800
ELEVATOR -REPAIRS & MAINTENANCE 709 360 349) 4,727 4,320 407) 4,320
REPAIRS & MAINTENANCE 0 1,300 1,300 6.622 15,600 8,978 15,600
BUILDING & GROUNDS SUPPLIES 962 700 282) 6.366 8,400 2,034 8,400
HVAC - REPAIRS & MAINTENANCE 647 700 147) 8.149 8,400 2,251 8,400
MISCELLANEOUS 8 & G EXPENSES 0 15 15 0 180 180 180
TOTAL BUILDING & GROUNDS 161959 16,167 208 148,664 154,099 5,435 154,099
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 2,530 2,722 192 31,942 32,349 1,307 32,349
PAYMENT IN LIEU OF PROPERTY TAX 3,871 3,864 7) 46,450 46,368 82) 46,368
TOTAL OTHER OPERATING EXPENSES 6,401 6,586 185 77,493 78,717 1,224 76,717
TOTAL OPERATING EXPENSES 38,842 40,140 1,298 415,245 422,010 6,765 422,010
NET OPERATING INCOME I ( LOSS) 60,663 57,639 3,D24 733,775 732,754 1,021 732,754
DEPREC, INTEREST & OTHER EXPENSE
DEPRECIATION EXPENSE 30,723 30,605 110) 358,671 367,260 1,411) 367,269
AMORTIZATION EXPENSE 325 325 0 3,905 3,999 5) 3,900
INTEREST EXPENSE 39,980 39,870 118) 475,242 478440 2,198 478,448
TOTAL DEPREC, INTEREST & OTHER 71,028 70,800 2281 840,819 849,600 781 849,600
NET INCOME I (LOSS) 10,365) 13,161} 2,796 115,041) 116,846) 1,803 116,846)
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January 2011
I hope all of you have a Happy New Year!
I am looking forward to 2011 at Vicksburg Crossing. I hope we can add
some new events to our calendar. Several people have made suggestions
and any other residents that have ideas for events, entertainment or pres-
entations please feel free to stop by the office and let me know. This
year we added the writing group and it is going very well. Residents
have embraced the idea of sharing their unique stories.
Thank you to everyone who helped at our holiday party. We had many
volunteers to serve, set up and clean up. I believe it was unanimous that
being served rather then eating buffet style is preferred. We could not
do it without volunteers! I would also like to include a special thanks to
Jeanette Nunery who set up coffee, apple cider and treats in the lobby on
Christmas Eve for residents and their families.
Thank You!
Taking our holiday decorations down and packing them away is never
quite as fun as putting them up, but it is just as much work! If anyone
can help I would truly appreciate it. If you are able to help please meet
in the lobby Tuesday, January 4th at 10:00.
Breast Cancer Survivors Group
There will be a Breast Cancer survivors group meeting on
Monday, January 24th at 10:00 in the Community Room.
We will be serving coffee and treats. This will be a time for
women at Vicksburg Crossing who have survived breast cancer, or are
currently receiving treatment, to offer support, comfort and strength to
one another.
NI/ #i Ali Ali #i iii Ali #i #i Ali Nle Nli NFi #i 'S14 N1 Ili Ili Ili Ali711W71i# i# i+- i#- i#- i
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Resident Meeting
We talked about some of our upcoming events.
We reviewed what Angela Haseman, the Crime Prevention Officer
from the City of Plymouth, discussed when she came to our
morning coffee. She had very helpful information for new residents
and good review for current residents who have talked to her in the past.
Some of the things she discussed included not propping doors open, watch
the garage door close behind you and call 911 to report any suspicious
activity. Suspicious activity can include anything from a stranger in the
garage, kids hanging around the building or a suspicious vehicle.
The next resident meetinq will be on Wednesday, January 5th at 9:00
in the Community Room.
Comfort Keeper's Nail Clinic
Comfort Keepers will be here on Thursday, January 6th at 1:30 for
a nail clinic. They will soak your feet, trim your nails and provide a
hand massage. There is a sign up sheet on the table outside my office.
Pharmacist
Phil, the friendly pharmacist from Prairie Stone Pharmacy,
JanuaryrY 19thWillbehereduringcoffeehour, on Wednesday,
at 8:45. He always has good topics, provides important infor-
mation and answers resident's questions.
Hearts and Memorial Luncheon ;
W We have had many dear friends from Vicksburg pass away this year. We will have a me-
morial luncheon on Thursday, January 13th at 11:30 in the Community Room. Please
bring pictures, stories and memories of residents who passed away during 2010. Lunch
will be provided at no charge; it is sponsored through the Hearts & Memorial fund. V.
I will have a sign up sheet outside my office V.
beginning January 3rd so I can plan the food we will need. Any help is appreciated the
day of the luncheon! ,
V 1W qF V, 11 V IV 1W 1W V, V, 1V,
MAINTENANCE A14D RU1LDMG ITTVET
A fireplace is always inviting in this cold weather, but please make sure to turn
off the fireplace when you leave the lobby. It gets very hot!
If you are parked in the outdoor parking lot when it snows please try to move
your car after they come through the first time to plow so that they can clear
your spot when they come through again.
We are still having a problem with residents not getting the newspaper they or-
dered. Do not take other residents newspapers even if you think they are out of
town. Some residents are nice enough to donate their papers to the lobby after
they are done reading it, so if you do not order the newspaper, you are welcome
to come down to the lobby to read it.
If you need to take your dog out in the evening please do not prop open the
front door. Keep your key in an accessible place so it will be easy for you to
open the door when you need to get back in the building.
Several residents wanted to know, after the housing inspection, if they could
keep grocery carts and walkers in the garage. These items are just fine. Please
think about the other items you may have stored down there. Do you use them
often? Is there anywhere else you can store the items? We are looking into
other storage options at this time, but everything needs to be out by Tuesday,
January 11, 2011.
TUAWK YOVT
The office will be closed on Friday, December 31 st for the
New Year Holiday.
HMpv Birthday to the following
residents this month:
January Birthdays will be celebrated on Thursday,
January 20th at 2:00 in the Community Room.
The birthday celebration is open to all residents who
wish to come down and help us celebrate.
Even if it's not your birthday
month!)
John Leber January 7th
Dorothy Baer January 10th
Eileen Morhaim January 18th
Pat Forcier January 21 st
Helen Kleinfehn January 23rd
Joe Pastorek January 24th
Regina Pshetizky January 26th
Ida Beltrand January 29th
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V -d"5 m -g Crossing
MEMORANDUM
To: Jim Barnes
From: Sara Paquette
Date: December 14, 2010
RE: Vicksburg Crossing Monthly Report for November 2010
December Newsletter and December Calendar attached
Rentals:
As of November 30, we have 91 occupied apartments with 3 vacant, and we have 4 deposits at this time,
giving us a total of 1 apartment available to rent. We have 2 people that have chosen to keep deposits on
file until either a particular apartment becomes available or they sell the home they are currently living in.
The Low Income Apartment waiting list now has 28 names so I have been adding interested people to the
list. We had one couple request that we return their deposit because they decided to purchase instead of
rent.
Listed below is a breakdown of units that are occupied and vacant.
Style (Total #)
Square Feet Bedrooms Occupied Vacant
Deposits
Style A (23) 850 Sq Ft 1 Bedroom 23 0
Style C (8) 884 Sq Ft 1 + Den 7 1
Style C2 (8) 950 Sq Ft 1 + Den 8 0
Style D (8) 1187 Sq Ft 2 Bedroom 8 0
Style D2 (4) 1281 Sq Ft 2 Bedroom 4 0
Style E (7) 1055 Sq Ft 2 Bedroom 4 2 2
Style E2 (3) 1055 Sq Ft 2 Bedroom 3 0
Affordable (33) 725 Sq Ft 1 Bedroom 133 10
TOTALS 188 3 2
3155 1ic)xsbuig Lane N . Pl3nnonih, N1N 55447 • Plione (763)559-1877 • Fax (763)559-0l,'14 • www.ci.p1ymouth.mn.11s
Owned by Plymouth Housing and Redayelopmeut Authority 121
EQUAL HOUSING
OPPORTUNITY
Move-Ins/Move-Outs:
In November we had 6 move -ins and no move -outs.
Marketing
We continue to advertise in the Lakeshore Weekly and Sun Sailor. Our 2 bedroom model apartment has
been rented. Our next Open House will be in March.
Resident Services
This month we decorated the building and prepared for our holiday party.
We had our monthly birthday party on Thursday, November 18th we had cake, ice cream, and coffee. We
decorated with balloons, festive napkins and plates. We listed the birthday people on a balloon poster. The
residents stood if it was their birthday and we sang Happy Birthday.
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Balance Sheet
VICKSBURG CROSSING
As Of November 30,2010.
Ending Balance
ASSETS
CURRENT ASSETS
M I PETTY CASH 850
M I OPERATING ACCOUNT 246,397
M I SECURITY CASH ACCOUNT 54,454
INVESTMENTS - WORKING CAPITAL FUND 176,468
INVESTMENTS- DEBT SERVICE 442,880
ACCOUNTS REC-TENANTS 204
INTEREST RECEIVABLE 340
PREPAID PROPERTY INSURANCE 15,111
PREPAID OTHER 8,583
TOTAL CURRENT ASSETS
FIXED ASSETS
LAND 874,593
SITE IMPROVEMENTS 238,793
BUILDING 9,025,428
FURNITURE, FIXTURES & EQUIP -GENERAL 353,456
COMPUTERS/OFFICE EQUIPMENT 4,711
ACCUMULATED DEPRECIATION 1,474,118)
TOTAL FIXED ASSETS
NON-CURRENT ASSETS
BOND ISSUANCE COST
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
60,405
Total
943,287
9,022,862
60,405
10,026,553
Balance Sheet
VICKSBURG CROSSING
As 4f Nove Aber 30,2019.
Ending Balance
LIABILITIES
CURRENT LIABILITIES
ACCOUNTS PAYABLE -TRADE 5,818
HEARTS & MEMORIALS FUND DONATIONS 350
ACCRUED PAYROLL 2,003
ACCRUED COMPENSATED BALANCES 750
ACCRUED INTEREST 159,480
ACCRUED REAL ESTATE TAXES 42,579
ACCRUED OTHER 2,010
TOTAL. CURRENT LIABILITIES
LONG-TERM LIABILITIES
SECURITY DEPOSITS 51,752
BONDS PAYABLE 10,3B5,000
BOND DISCOUNT 30,070)
TOTAL LIABILITIES
EQUITY
RETAINED EARNINGS -RESERVED FOR DEBT 561,671
SERVICE
RETAINED EARNINGS (1,059,112)
TOTAL EQUITY
CURRENT YEAR INCOMEI(LOSS)
TOTAL LIABILITIES & EQUITY
Total
212,991
10,406,682
10,619,673
488,441)
104,678)
10,026,553
Profit and Loss Variance
VICKSBURG CROSSING
Through November 30,2010.
MTD Actual Budget Var. YTD Actual Budget Var. Year Budget
INCOME
APARTMENT RENTAL REVENUE 86,206 83,091 3,114 891,571 896,658 5,087) 979,749
APARTMENT RENTAL REVENUE - COUNTY 2,370 2,794 424) 27,197 30,737 3,540) 33,531
HRA SUBSIDY - TAI. LEVY 8,333 8,333 0 91,663 9;,663 0 100,000
RENTAL CONCESSIONS a 200) 200 2,420) 1,200) 1,220) 1,200)
GARAGE RENT 2,926 2,835 BO 32,875 31,185 1,690 34,020
GUEST ROOM REVENUE 0 130 130) 1,230 1,430 200) 1,560
LATE FEE REVENUE 0 20 20) 0 220 220) 240
APPLICATION FEE REVENUE 0 70 70) 875 770 105 840
TRANSFER FEE REVENUE 0 29 29) 0 319 319) 348
SMOKER'S FEE REVENUE 0 63 83) 0 913 913) 996
INVESTMENT INCOME 170 170 0 2,052 1,870 182 2,040
MISCELLANEOUS REVENUE 265 220 45 4,473 2,420 2,053 2,640
TOTAL INCOME 700,268 97,575 2,693 1,049,516 1,056,985 7,469) 1,154,764
EXPENSES
ADMINISTRATION
MANAGER SALARIES 1,957 2,052 94 21,777 22,587 789 24,818
ASSISTANT MANAGER SALARY 1,80U 1,740 521 20,024 19,223 801) 20,970
PAYROLLTAXES 527 541 14 6515 5,951 554) 6.492
HEALTH INSURANCE 1.145 1.340 195 13,360 14,740 1,3B0 16,080
WORKERS COMP INSURANCE 146 113 33) 1,364 1,243 141) 1,366
MAINTENANCE SALARIESrWAGES 1,466 1,442 26) 16,251 15,062 399) 17,304
MAINTENANCE ASST SALARIES 705 767 62 8,145 8,437 292 9,204
EMPLOYEE COSTS 14B 1130 33 2,698 1,960 lib) 2,160
SEMINAFUTRAININO 0 25 25 D 275 275 300
RANK FEES 3 5 2 160 55 113) 60
DUES, SUBS & MEMBERSHIPS a 10 10 50 110 66 120
LICENSE 6 PERMITS 0 73 73 876 803 73) 076
MILEAGE REIMBURSEMENT 49 51 2 600 551 39) 612
POSTAGOOVERNIGHT EXPRESS 0 2 2 7 22 15 24
PRINTING 53 18 35) 53 198 145 216
MANAGEMENT FEES 4,000 4,000 0 44,000 44,000 0 48,000
PROFES5tONAL FEE5 0 180 100 3,945 1,980 1,955) 2,160
TELEPHONE EXPENSE 478 475 3) 5,214 5,225 11 5,700
EQUIPMENT LEASEIREPAIR 57 163 106 1.749 1,793 44 1,966
OFFICE SUPPLIES 45) 120 165 715 1.320 604 1,440
TOTAL ADMIN EXPENSES 12,491 13,304 813 147,541 146,344 1,1971 159,648
RESIDENT SERVICES
RESIDENT PROGRAMIACTIVITIES 1013 3UU 192 2,762 3.550 71313 5,35D
TOTAL RES SERV EXPENSES 106 300 192 2,762 3,550 706 5,350
MARKETING
POSTAGE 0 20 20 101 220 119 24D
PRINTING 0 13 13 0 143 143 156
ADVERTISING 0 700 700 7,427 7,700 273 8,400
PROMOTIONALIPARTIES 0 100 100 1,680 2,300 620 2,1300
TOTAL MARKETING EXPENSES 0 B33 833 9,209 10,363 1,155 11,596
HOUSEKEEPING
CONTRACT LABOR 951 970 9 12,316 103670 1646) 11,640
CLEANING SUPPLIES 59 BO 21 790 890 100 960
TOTAL HOUSEKEEPING EXPENSES 1,020 1,050 30 13,095 11,550 1,5451 12,600
Profit and Loss Variance
VICKSBURG CROSSING
Through November 30,2010,
BUILDING & GROUNDS
CABLE TV EXPENSE
UTILITIES - ELECTRICITY
UTILITIES - GAS
UTILITIES - WATERISEWER
WATER SOFTENING SERVICE
COMMON AREA REPAIR57MAINTENANCE
DOORS, KEYS & WINDOWS
FIRE SYSTEM SERVICE
LAWN SERVICE&ANDSCAPISNOW RMVL
PEST CONTROL
TRASH REMOVAL
UNIT TURNOVER REPAIRS
ELEVATOR -REPAIRS & MAINTENANCE
REPAIRS & MAINTENANCE
BUILDING & GROUNDS SUPPLIES
HVAC - REPAIRS & MAINTENANCE
MISCELLANEOUS B & G EXPENSES
TOTAL BUILDING & GROUNDS
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE
PAYMENT IN LIEU OF PROPERTY TAX
TOTAL OTHER OPERATING EXPENSES
TOTAL OPERATING EXPENSES
NET OPERATING INCOME! ( LOSS)
DEPREC, INTEREST & OTHER EXPENSE
DEPRECIATION EXPENSE
AMORTIZATION EXPENSE
INTEREST EXPENSE
TOTAL DEPREC, INTEREST & OTHER
NET INCOME I (LOSS)
MTD Actual Budget Var. YTD Actual Budget Var. Year Budget
111) 107 218 1,048 1,177 129 1,284
1,679 2,100 421 22,634 25,300 2,666 27,400
1,342 5,200 3,858 17,469 31,000 13.532 37,600
863 650 13) 11,199 10,125 1,074) 10.975
156 130 26) 1,307 1.430 123 1.560
97 0 97) 648 0 64B) 0
0 96 95 673 1,045 372 1,140
212 220 8 3,865 2,420 1,445) 2,640
1,722 1,400 322) 11,848 15,400 3,451 16,800
0 0 0 483 480 3) 640
1,040 53U 510) 7,152 5,630 1,322) 6,360
5,815 900 4,915) 32,954 9.900 23,654) 10.800
367 360 7) 4,018 3,960 OR) 4,320
330 1,300 971 6,622 14,300 7,678 15,600
638 700 52 5,353 7,700 2.317 6,400
225 709 475 5,302 7,700 2,396 6,400
0 15 15 0 165 165 180
14,373 14,607 234 132,704 137,932 5,228 154,099
2,530 2,722 192 28,512 29,627 1,115 32,349
3,871 3,864 7) 42,579 42,504 175) 46,368
6,401 6,5B6 185 71,092 72,131 1,039 78,717
34,393 36,680 2,287 376,404 381,676 5,466 422,010
65,875 60,895 4,980 673,113 675,115 2,002) 732,754
30,723 30,605 11B) 337,949 335,655 41,294) 367,260
325 325 0 3,580 3,575 6) 3,900
39,870 29,870 O 436,262 438,570 2,308 478,440
70,918 70,890 118) 777,791 778,890 1,61)9 649,609
5,043) 9,985) 4,B62 104,678) 163,685) 993) 118,846)
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December 2010
Wow! The holidays will soon be upon us. They seem to creep up faster
every year. We will celebrate at Vicksburg Crossing with our annual
Holiday Party, which is always a lot of fun and well attended.
We tried a couple of new things at our Halloween Party this year. First
of all, instead of calling tables and lining up buffet style to be served, we
had volunteers serve residents at their table. We will try this again for
the Holiday Party. Most residents felt this serving method was an im-
provement. We also had the musician perform before dinner instead of
after the meal, this change got mixed reviews, so for the Holiday Party
we will be having entertainment after dinner.
Thank you to everyone who helped set up, serve, and clean up at the
Halloween Party. We had a wonderful party!
Resident Meeting
At the resident meeting we discussed the importance of breaking --M3
up your boxes for recycling. Please make sure family, friends or
aids who may take down your recycling know they should break
down boxes. Residents at the meeting wanted to make sure we all {
thank Mike and Terry for the wonderful job they do keeping the
trash/recycling room neat and clean. Thanks! fr
Residents were informed of the small rent increase for 2011.,,:'=
7WW; 4
me residents have been asking me if I will be leaving Vicksburg°
ig to go to Plymouth Towne Square because Kathy is retiring at the
end of the year. I am afraid not—you are stuck with me! °
W
a Haseman, a Crime Prevention Officer with the City of Plymouth,
at our December meetingto answer questions and discuss buildingq9
safety. - -
iext resident meetin-q will be on Wednesday, December 1st at
9:-00 in the Community Room.
b n# Si Kk Fb P Ast F . P Y Atd PCS ! p$ O0- FCW !<b h'A sf6 aG p9' C P4 F P I i ! ! !Qi P'L FW .0 H4 r% P t'a t F P4 F$ . k'b T@ P Psi FSL !!rA !Pfd !a+ k41 !B
Holiday Lights Tour
Mosey Along with Moe will be offering a Holiday Lights Tour again this X$
T year the night of Thursday, December 9th from 6-9. If you would like more
information or are interested in going on the tour, there are flyers and a sign
up sheet on the table outside my office. OTO
New Residents
We had 2 new residents move into Vicksburg Crossing in November. Please
welcome, Carol Clemens in 109 and Marilyn Bowers in 209.
Welcome to Vicksburg Crossing!
MAINTENANCE AND DURDING I11UEI
I would like to remind residents to please break down any boxes you put into
the recycling bin. We need to make room in the bin, it is expensive if we have
to order another bin, and it is time consuming for our maintenance staff if they
have to break them down. Also, all recycling, including cardboard, plastic,
glass and paper can go together in the 2 recycling bins, trash still goes down the
chute. No plastic bags or trash in the recycling bins.
The maintenance staff would like to remind residents that the best dish deter-
gent to use in your dishwasher is either Electrosol or Cascade.
TUANK YOUi
Writing Group
I am sure that the residents who have been participating Mr W
in the writing group are sad to hear that DJ will be mov-
ra mg. However, the writing group will continue. Nedra r
Halsted has volunteered to facilitate the group beginning November 24th. The
group will still meet on Wednesdays at 1:00 in the Community Room. No experi-
ence necessary. I understand they have a wonderful time and share some interest-
ing life stories. New participants are always welcome!
Smoke Free
Beginning January 1 st, 2011 Vicksburg Crossing will be completely
smoke free. There will be no smoking anywhere in the building
or on the grounds.
Thank you for your cooperation!
Ali71Z Reminder: /1\
1/ December rent is due on or before Sunday, \1/
4 December 5th. /
7!f i!E r( i!E )
II-
i!.)KI 7!" i! iK i!c i!f
IiI it \ XI
i!Z iK
Happy Birthday to the followin
residents this month:
December Birthdays will be celebrated on Thursday,
December 16th at 2:00 in the Community Room.
The birthday celebration is open to all residents who
wish to come down and help us celebrate.
Even if it's not your birthday
month!)
Toni Connell
Eunice Golfis
Doris Klemm
Walter Premo
New Resident Coffee
December 4th
December 16th
December 18th
December 22nd
Y
1
4
Wednesday morning coffee is an informal gathering that provides residents time to
chat with their neighbors. It would be nice to dedicate the coffee on Wednesday,
December 15th at 9:00 to all our new neighbors. We had S new residents move
in during October and November and it would be a great time for them to meet new
friends at Vicksburg Crossing!
IV -Hearts and Memorial FundIV
If you would like to donate to the "Hearts and Memorial" fund, please include V-
1.00 cash with your rent check. You may donate each month, every other
4W month or not at all, it is completely voluntary. We use the funds to buy flowers
IV or contribute to memorials for residents who have been hospitalized, lost a loved qF
one or have passed away.
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Viclzsbw-g Crossing
To: Plymouth Housing and Redevelopment Authority
From: Sara Paquette Managing Director
Date: January 14, 2011
Subject: Vicksburg Crossing Market Report
December Inquiry/marketing activity recap is as follows
Phone/Internet Inquiries
4 phone calls from different people inquiring about apartments for themselves or
family members.
0 2 people made appointments to come in and see apartments.
0 2 people did not make appointments to see the apartments. Either the
rates were too high or they were just interested in having information sent.
We will follow up with these people.
o We received 3 emails from people who found us on our web site.
Walk-in Traffic
0 people came in as walk-in traffic in December.
Interest Timeline for Move In
Of the 2 people that came into the office (either set up appointments or came in
as walk-in traffic):
0 0 selected an apartment and put down a $600 deposit.
0 0 people were looking for a new home within the next 6 months.
0 2 were looking for a new home within 6 -12 months.
0 0 were looking for a new home beyond 12 months from now.
3155 Vicksburg Lane IN • Plymouth, NIN 55447 • Phone (763559-1.877 • Fax (763)559-0144 • N"vw.ei.plyn,onth.mn.us
Owned by Plymouth Housing and Redevelopment Authority 12Y
EQUAL HOUSING
OPPORTUNITY
Interest Level by Apartment Style
Of the total of 7 contacts (the sum of phone calls, emails and walk in traffic).
0 2 people were interested in information on low income 1 were under
the impression we had subsidized housing
o 2 people were most interested in moderately priced 1 bedrooms
0 0 were most interested in a 1 bedroom with den
0 1 people were most interested in 2 bedrooms
o The remaining wanted pricing on several sizes. They were more
interested in price.
Ongoing Marketing Strategies — Update December
N) arketmg_Md n.,<requec dost Resulfs ;, R ecomrnendation
Sun Newspaper Typically 1 x 475 Good Continue, alternate
mo. wl Lakeshore
4 page Weekly
Lakeshore Weekly Typically 1 x 450 Good Continue, alternate
News mo.; wl Sun Sailor —
4 page
Brochures placed in Ongoing Nothing Keeps our Continue as
Senior Centers of more than info in permitted
Crystal, Hopkins, cost of the circulation.
Robbinsdale, and brochure
Maple Grove also
PCC & City Hall.
VC Website Ongoing 50 mo Typically Tracking inquiries.
receive
several
inquiries a
month
Open House Twice a year. Approx. Was very Our next Open
Try to coincide 350 successful. House will be in
with a resident Gave a lot of the spring.
party. tours.
Prospects
impressed wl
building &
apartments.
Additional Marketing Efforts
We will continue to advertise in the Lakeshore Weekly and Sun Sailor. We will be
having our next Open House in the spring. The amount of walk-in traffic and phone calls
did slowdown during December which is typical.
2
ma"&Ug Crossing
To: Plymouth Housing and Redevelopment Authority
From: Sara Paquette Managing Director
Date: December 16, 2-099
Subject: Vicksburg Crossing Market Report
November Inquiry/marketing activity recap is as follows
Phone/Internet Inquiries
6 phone calls from different people inquiring about apartments for themselves or
family members.
0 2 people made appointments to come in and see apartments.
0 4 people did not make appointments to see the apartments. Most wanted
to see an affordable apartment, the rates were too high or they were just
interested in having information sent. We will follow up with these people.
o We received 1 email from people who found us on our web site.
o We received 10 e-mails from the Seniors for Living web site. We sent
information to them,
Walk-in Traffic
5 people came in as walk-in traffic in November.
Interest Timeline for Move In
Of the total 7 people that came into the office (either set up appointments or
came in as walk-in traffic):
0 1 selected an apartment and put down a $500 deposit.
0 1 was looking for a new home within the next 6 months.
0 2 were looking for a new home within 6 -12 months.
0 3 were looking for a new home beyond 12 months from now.
3155 Vicksburg Lane N • Plymoudi, NIN 55447 • Phone (763559-1877 • Fax (763559-0144 • wwWuci.plynroutlr.mn.us
Owned by Plymo.ti I Tousing and Redevelopment Authority 121
EQUAL HOUSING
OPPORTUNITY
Interest Level by Apartment Style
Of the total of 22 contacts (the sum of phone calls, emails and walk in traffic).
0 9 people were interested in information on affordable apartments 1
were under the impression we had subsidized housing
0 8 person was most interested in market rate 1 bedrooms
0 1 were most interested in a 1 bedroom with den
0 3 people were most interested in 2 bedrooms
0 The remaining wanted pricing on several sizes. They were more
interested in price.
Ongoing Marketing Strategies — Update November 2009
Mar'ketrng Medi rn ' Fre ,L rip 1Sr e CQst=', Results Recommenda o l -
Sun Newspaper Typically 1 x 475 Good Continue, alternate
mo. wl Lakeshore
X page Weekly Will
advertise for our
upcoming Open
House
Lakeshore Weekly Typically 1 x 450 Good Continue, alternate
News mo.; wl Sun Sailor —
page Will advertise for
our upcoming
Open House
Senior Housing Annual; 500 None directly Will not advertise,
Guide 113 page tied to this but continue to
ad. have info in guide
Plymouth News Depends nla Generates Continue as
inquiries permitted
Brochures placed in Ongoing Nothing Unknown as Continue as
Senior Centers of but the to direct permitted
Crystal, Hopkins, cost of results, but
Robbinsdale, and the keeps our
Maple Grove also brochure info in
PCC & City Hall. circulation.
Resident Referral Ongoing 300 per No resident
referral referrals paid
move in. in past nine
months
Resource Referral Ongoing 100 for None paid No new referrals
Networking with referral
other Apartment
Mgr, etc.
VC Website Ongoing 50 mo Typically Tracking inquiries.
2
Additional Marketing Efforts
We are planning our holiday Open House which will be on Saturday, December 19tH
We are making postcards to send out to people on our prospect list. We will have
Becky Waters playing holiday piano music from 12:00 until 1:30. There will be hot
chocolate, coffee treats and appetizers for visitors.
3
receive
several
inquiries a
month
Move in Incentive Ongoing 7 people to Continue offering
date used incentive, but will
move in not advertise
incentive specifics.
Open House Twice a year. Approx. Was very We are planning
Try to coincide 250 successful, an Open House on
with a resident Gave a lot of Saturday,
party. tours. December 19th
Prospects We will have at
impressed wl least 2 Open
building & Houses in 2010.
apartments.
Invite Prospects and Quarterly events Depends We are Continue as
depositors to events are planned planning our events are planned
events for the
upcoming
year.
Additional Marketing Efforts
We are planning our holiday Open House which will be on Saturday, December 19tH
We are making postcards to send out to people on our prospect list. We will have
Becky Waters playing holiday piano music from 12:00 until 1:30. There will be hot
chocolate, coffee treats and appetizers for visitors.
3
Agenda Number —1-6.
PLYMOUTH HOUSING AND
REDEVELOPMENT AUTHORITY
STAFF REPORT
TO: Plymouth Housing and Redevelopment Authority
FROM: Jim Barnes, Housing Manager through Steve Juetten, Executive Director
MEETING DATE: January 27, 2011
SUBJECT: Plymouth Towne Square — Award Sale of G.O. Refunding Bonds
BACKGROUND:
The City's financial advisor, Ehlers & Associates Inc., periodically provides updates on potential
refunding opportunities. It was determined that with historically low interest rates, savings
would result by selling refunding bonds and paying off the existing bond issue.
On November 18, 2010, the HRA authorized Elder's & Associates Inc. to move forward with the
solicitation of bids and adopted a resolution calling for the sale of $3,255,000 General Obligation
Housing Refunding Bonds. While the market has moved since this date it is still anticipated that
the annual savings will be between $10,000 and $13,000.
Bid opening will occur at 10:00 a.m. on January 27, 2011. The award of the bids is scheduled to
occur at the regular HRA meeting that evening.
Moody's Investor Services has rated the bonds and reaffirmed our Aaa rating. Actual bid data
will be brought to the meeting on January 27 along with the adopting resolution.
RECOMMENDATION:
I recommend that the Plymouth Housing and Redevelopment Authority Board of
Commissioners adopt the resolution awarding the sale of $3,255,000 General Obligation
Housing Refunding Bonds for Plymouth Towne Square.
ATTACHMENTS:
To be delivered the night of the meeting
Agenda Number 3. C.
PLYMOUTH HOUSING AND
REDEVELOPMENT AUTHORITY
STAFF REPORT
TO: Plymouth Housing and Redevelopment Authority
FROM: Jim Barnes, Housing Programs Manager through Steve Juetten, Executive
Director
MEETING DATE: January 27, 2011
SUBJECT: First Time Homebuyer and Rehabilitation Program Changes
BACKGROUND:
The Plymouth Housing and Redevelopment Authority (HRA) operates the Housing
Rehabilitation and First Time Homebuyer programs that are funded through Community
Development Block Grant (CDBG) funds. From time to time, staff reviews the program policies
to ensure consistency and compliance with applicable laws and regulations. The guidebooks
were last revised in 2009. Staff has completed a review of the guidebooks and recommends
some additional changes that are discussed below. There are both administrative and
programmatic changes being proposed. Also attached are the guidebooks for your review.
DISCUSSION:
Proposed Changes to the First Time Homebuyer Loan Program:
1) Loan Forgiveness
Currently, the First Time Homebuyer loan program states that the HRA may consider forgiving a
loan if the homeowner is experiencing financial hardships or the value of their home has
declined since taking out the HRA loan. Staff has added additional language to this section to
clarify certain requirements under this provision (pg. 9).
2) Participating Lenders
The program requires that any lender offering a fust mortgage must also be approved by the
Minnesota Housing Finance Agency to market and underwrite MHFA loans. We have added the
MHFA website to the guide to assist applicants in determirring whether their lender is eligible
pg. 8).
3) Financial Assistance
The program allows for Closing Costs, Down Payment and Mortgage Reduction assistance to
assist homebuyers. Staff has added language clarifying how the down payment portion of
assistance is determined (pg. 2).
Proposed Changes to the Rehabilitation Loan Program:
1) Loan Amount
The current maximum loan amount for the Rehabilitation program is $20,000. The Policy allows
for amounts greater than the above limit when there is lead paint, accessibility issues or when the
necessary work needed to bring the house into a livable condition exists. Over the past few years
that the cost of rehabilitating homes has gotten more expensive and some work has not been
completed or loans have been increased through administrative exceptions to be able to complete
the necessary items. Other rehabilitation programs in the metro area have been reviewed and
they have a range between $30,000 and $35,000 per loan. The last time the maximum amount
for the Plymouth program was changed was 2002 when the amount was adjusted from $15,000
to $20,000. Staff is proposing that the maximum limit be increased to $30,000, and $40,000 for
lead based paint and accessibility. It is also being proposed that the combined maximum
assistance for both programs be increase to $40,000 to allow a person utilizing our FTHB
program to access rehabilitation funds as well. (pgs. 19, 25 & 33).
2) Loan -To -Value
Currently, the Rehabilitation guidelines stipulate that the loan -to -value of a property under
consideration can be no greater than 100%. Given the large decline in property values over the
past few years, staff is proposing that the Board increase the maximum loan -to -value to 110%.
While there is additional risk in this, staff believes that the risk will be minimal and because it is
only 10% higher the applicants applying are most likely not credit risks (pg. 32).
RECOMMENDATION:
I recommend that the Housing and Redevelopment Board of Commissioners approve the
changes to the First Time Homebuyer and Rehabilitation guidelines.
ATTACHMENTS:
1. First Time Homebuyer Guidelines
2. Rehabilitation Program Guidelines
FIRST TIME HOMER UYER PRO GRAM
GUIDELINES
rip
CITY OF PLYMOUTH
HOUSING AND REDEVELOPMENT AUTHORITY
3400 Plymouth Boulevard, PIymouth, MN 55447
Revised May 2009
EOUAL HOUSING
OPPORTUNITY
TABLE OF CONTENTS
PART I: GENERAL PROGRAM DESCRIPTION
Program Overview
Program Goals
Program Administration
Purpose of the Program Guidelines
PART II: PROGRAM POLICIES
Financial Assistance
Responsibilities of the First Time Homebuyer
Responsibilities of the Lender
Responsibilities of the HRA
Application to the HRA
Summaiy of the Application Process
Eligibility Requirements
Denial of Eligibility
Eligible Dwellings
Applicant Outreach
Applicant Pool
Selection from the Applicant Pool
Lender Outreach
PART III: PROGRAM RULES
Lenders
Declarations of Restrictive Covenants
Lead Based Paint Hazard Requirements
Repayment of Assistance
Loan Forgiveness
Subordination of Mortgages
Targeted Funding
Modification and Termination of Program
APPENDIX A
Definitions
1
1
1
2
2
3
4
4
5
5
6
6
6
7
7
7
7
S
S
S
9
9
9
10
10
I1
PART I: GENERAL PROGRAM DESCRIPTION
Program Overview
The Plymouth Housing and Redevelopment Authority (HRA) operate an assistance program for
homeownership funded by the City of Plymouth's Community Development Block Grant
CDBG) Program, The HRA operates this program on behalf of and as the agent of the City of
Plymouth. The First Time Homebuyer Program provides financial assistance for low- and
moderate -income Households to become homeowners.
Administration of the First Time Homebuyer Program and the functions and responsibilities of
the HRA staff shall be in compliance with the U.S. Department of Housing and Urban
Development (HUD) CDBG regulations as well as all Federal, State and local nondiscrimination
laws and with the rules and regulations governing Fair Housing and Equal Opportunity in
housing and employment.
The HRA shall not deny any Family or individual the equal opportunity to apply for or receive
assistance under the First Time Homebuyer Program on the basis of race, color, gender, religion,
creed, national origin, age, familial or marital status, handicap or disability, sexual or affectional
orientation or reliance on public assistance.
The Plymouth HRA's office is accessible to persons with disabilities. Accessibility for the
hearing impaired is provided by the Minnesota Relay Service and the City of Plymouth TDD.
Program Goals
The First Time Homebuyer Program has the following two goals:
a. Assist low- and moderate -income families to purchase homes within the City of
Plymouth by providing assistance with down payment, Closing Costs and mortgage
principle reduction.
b. Promote responsible home ownership.
Program Administration
The Program will be administered through the Plymouth HRA. Interested applicants should
contact the Plymouth HRA staff by calling (763) 509-5410 or appearing in person at 3400
Plymouth Boulevard, Plymouth, MN 55447.
1
Purpose of the Program Guidelines
The purpose of these Guidelines is to establish policies for carrying out the First Time
Homebuyer Program in a manner consistent with HUD requirements and local goals and
objectives contained in the Consolidated and Annual Action Plans, The HRA is responsible for
complying with all changes in HUD regulations pertaining to the CDBG program. If such
changes conflict with these Guidelines, HUD regulations will have precedence. Applicable
regulations include:
24 CFR Part 5: General Program Requirements
24 CFR Part 8: Nondiscrimination
24 CFR Part 570: Community Development Block Grant
24 CFR Part35: Lead Based Paint Regulations
PART II: PROGRAM POLICIES
Financial Assistance
The HRA provides financial assistance to homebuyers to more readily secure a first mortgage.
The Program assistance may be used to:
Pay up to 50 percent of the amount the homebuyer(s) is required toLprovidc toward the down
payment under the particular mortagegrogram they are utilizing, not to exceed $5,000.
Pay up to 100 percent of the homebuyers eligible Closing Costs not to exceed $5,000.00.
Borrowers are not permitted to use Program funds for interest rate buy downs unless
documentation is provided from the lender that shows the buy down is necessary to secure
their primary mortgage. Eligible closing costs do not include optional insurances (i.e.
optional owner's insurance policy etc.).
1 Reduce the mortgage principal up to 10% of the purchase price to a maximum of $20,000.
The applicant (s) Housing (DTI) Debt to Income Ratio must be at least 25%, but can not
exceed 37% of their gross monthly qualifying income.
The financial assistance will be provided at a minimum amount of $3,000.00 and a maximum
amount of $25,000.00. In certain situations, the HRA Executive Director may allow assistance
in excess of the maximum at their discretion. The HRA will make a determination on the
amount of assistance an applicant qualifies for. The HRA will make this determination after
reviewing the applicant's verified income and assets, estimated Closing Costs, purchase
agreement, and lender's recommendations for financial assistance in compliance with uses
described above. Lenders must provide a pre -approval letter indicating the maximum amount of
financing the borrower would qualify for from the fust mortgage lender.
The HRA will verify an applicant's income and assets through third party written verifications as
provided by either the lender or as sought by the HRA. The HRA may re -verify income and
asset information provided by the lender. The HRA will calculate the applicant's Gross Annual
Income using pay stubs and recent tax returns or third party verification as defined in Appendix
A to ensure the Applicant(s) qualifies as a low- or moderate -income Household as required by
CDBG regulations and to determine the maximum amount of assistance.
2
Financial assistance will be provided at the time of Closing on the property with the following
conditions:
Selected applicants must meet the requirements of this Program and be eligible for the
financial assistance through out the entire application process.
The housing unit to be purchased and the purchase price must be accepted by the HRA as
meeting the intent and requirements of the program.
The financial assistance provided by the HRA is in the form of a no interest deferred
payment loan that is due and payable 30 years from the initial purchase date or when the
house is sold, transferred or no longer the primary place of residence, whichever occurs first.
The homebuyers must enter into a second mortgage and execute a Promissory Note with the
HRA providing for repayment of the indebtedness 30 years from the initial purchase date or
when the house is sold, transferred or no longer the primary place of residence, whichever
occurs first.
Responsibilities of the First Time Homebuyer
The responsibilities of the prospective homebuyers are to:
Complete, sign and return the Application, Authorization for the Release of Information
form, and other certification and verification forms within the time flame specified.
Register and attend the Home Stretch - Home Buyers Workshops offered by Community
Action Partnership of Suburban Hennepin (CAPSH). Classes must have been completed
within 12 months prior to closing. Classes offered through other agencies or realtors may be
substituted with prior approval of the HRA. Applicants must also attend an individual
counseling session with a Housing Counselor at CAPSH. If CAPSH recommends that the
applicant is not ready to purchase a home, the HRA may not provide assistance until the
applicant has satisfied staff concerns. The applicant will be provided with a certificate of
attendance. A copy of this certificate should be forwarded to the lender and the IIRA.
Select a lender approved by the HRA for participation in the Program.
Complete the pre -approval process.
Select a real estate agent, if one is desired.
Select a dwelling in Plymouth for purchase that is owner -occupied or vacant and is an
eligible dwelling under the Program.
Provide information throughout the process as required by the lender or HRA.
Execute a purchase agreement.
Execute the lender's mortgage and related documents.
Execute the HRA's Mortgage and Promissory Note.
Have the seller execute the HRA's disclosure to seller form.
Close on the property within the time frame specified.
Execute other required forms within the time frame specified or required.
Take occupancy of the dwelling within 30 days after Closing, homestead the property, and
continue to occupy the dwelling as your Principal Place of Residence.
Make principal, interest, property tax and insurance payments as required.
Reimburse the HRA in accordance with the HRA's Mortgage and Promissory Note should
the First Time Homebuyer trigger repayment through sale, moving, transfer of ownership, or
foreclosure within 30 years or default on any other terms of these documents.
3
Responsibilities of the Lender
The lender must:
Verify the prospective homebuyer's income and assets to determine that the Family meets the
requirements of the Program and submit a copy of the verification to the HRA. These copies
must be submitted to the City at least five working days prior to the applicant signing a
purchase agreement.
Compute the Mortgage, Down Payment, Mortgage payments and Closing Costs of
Acceptable Loans approved by the Program to determine the most cost-effective and
appropriate form of financing for the First Time Homebuyer to use.
Provide a title search and review the documents.
Provide the HRA with a pre -approval letter stating the maximum mortgage amount the
applicant is approved for.
Provide the HRA other verification materials as requested by the HRA.
Process a mortgage consistent with the Program.
Meet all deadlines in a timely fashion, especially those that relate to the Closing. All
documents must be completed at Ieast 10 days prior to the Closing and be delivered to the
HRA at least seven days before the Closing.
Appraise property to determine the loan -to -value ratio.
Responsibilities of the HRA
The responsibilities of the NIRA for the Program are to:
Establish Program requirements and admimister the Program.
Send applicants the application form, the authorization for release of information form and
other certification and verification forms.
Review the Application and other material for eligibility.
Establish the pool of eligible participants and make selections for participation in accordance
with the selection provisions.
Notify applicants when ineligible.
Direct prospective buyers to register for the CAPSH homebuyer workshops and provide
information and forms related to the Program.
Provide liaison services involving the prospective buyer, lender and any real estate agent that
might be involved in the transaction.
Review appraisal, purchase agreement, eligibility and mortgage for consistency with the
Program requirements.
Prepare and execute the HRA mortgage and promissory note.
Provide financial assistance according to Program guidelines to the applicant at the time of
Closing.
Service the HRA mortgage.
Modify or terminate the Program as may be appropriate or required.
4
Application to the HRA
It is the responsibility of each applicant to assure that the HRA receives his or her application.
Only applications with original signatures will be accepted.
At the time of application, applicants must provide the HRA with the following information and
meet the eligibility requirements:
Names of all Family and household members
Address and telephone number
Social Security numbers of all adults
Date of birth of all Family members
Number of adults in Family
Number of children in Family
Total Gross Annual income from all sources (i.e. employment, social security income, child
support, etc.) with pay stubs and three years of tax returns as documentation
Bank statements, financial statements and all other document(s) that verify Gross Assets.
Employer's name (Company Name)
Address and phone number of each employer
Length of time (in years and months) at present address
Last three previous addresses
Indication if applicant ever owned a home
Summary of the Application Process
The following is a summary of the application process.
The applicant registers for and attends the homebuyer workshop series through Community
Action Partnership of Suburban Hennepin (CAPSH).
The applicant arranges for and attends a private housing counseling session with Community
Action Partnership of Suburban Hennepin (CAPSH).
The applicant selects a participating lender and applies for mortgage pre -approval.
The applicant completes and submits a First Time Homebuyer application and authorization
for release of information form to the HRA with a mortgage pre -approval letter from the
lender.
The applicant searches for a home in Plymouth.
The applicant enters into a Purchase Agreement and contacts the lender.
The lender authorizes appraisal of home.
The lender confirms applicant's mortgage eligibility and approves purchase.
The lender contacts the HRA with supporting documentation.
The HRA arranges for a lead-based paint hazard inspection of the property, if the dwelling
was built prior to 1978.
The HRA reviews appraisal, Purchase Agreement, Good Faith Estimate, and eligibility
verification for consistency with program goals and requirements.
The HRA issues an approval letter.
The HRA prepares the closing documents required by the City's Program Guidelines.
The HRA attends the Closing. At the Closing, the HRA has the borrower sign the required
closing documents and financial assistance is provided in the form of a second mortgage.
Eligibility Requirements
To be eligible to participate in the Program, the applicant must meet the following requirements
at the time of application and through out the process up until CIosing.
Must qualify as a Family, as defined in Appendix A.
Must be a U.S. citizen or have legal immigration status.
Must be a First Time Homebuyer, as defined in Appendix A.
Must not have a Gross Annual Income that exceeds the maximum income Iimits which are
revised annually to reflect the current year's CDBG maximum income limits.
Must not have Gross Assets exceeding $25,000.00, which excludes one automobile.
Borrowers are required to invest at least $1,000.00 of their own monies towards the purchase
price of the home. Funds from public program(s) can not be used as part of the Homebuyers
portion of the down payment.
Must meet the requirements of a Lender and qualify for a first mortgage.
Must fulfill the Program obligations in a timely manner and must remain eligible to
participate based on the program requirements and those of the lender through the time of
Closing.
Must not have a previous loan through the Plymouth HRA that ended in foreclosure or any
other loan that ended in foreclosure within the previous five years.
Must meet the requirements as specified elsewhere in these Guidelines.
Denial of Eligibility
The HRA will review and verify all applications for eligibility. Those applicants not meeting the
eligibility requirements will be sent a written notice explaining the reason(s) for denial of
Program participation.
Appeals regarding interpretation of eligibility requirements may be made in writing to the
Housing Program Manager, HRA's Executive Director and then to the HRA Board of
Commissioners. Appeals that clearly do not meet eligibility requirements will not be considered.
Eligible Dwellings
To be eligible the property must meet the following requirements:
Be located within the City of Plymouth.
Be a single-family dwelling, a townhouse unit, or a condominium unit.
Be a conforming use as defined by the Plymouth Zoning Ordinance.
Be free of lead-based paint hazards at the time of Closing.
The HRA may require an inspection of the dwelling for compliance with the Plymouth Housing
Code (Uniform Housing Code). The HRA will require an inspection of all dwellings built prior
to 1978 for compliance with HUD's lead-based paint hazard regulations.
Applicant Outreach
The HRA will publicize and disseminate information to make known the availability of
homeownership assistance on a regular basis through a variety of media and by other suitable
means. The availability of assistance will be communicated to other service providers and
Realtors in the community and advise them of the guidelines so that they can make proper
referrals for the Program. Realtors will be encouraged to provide additional services to eligible
clients to ensure their successful utilization of the program,
Applicant Pool
The applicant pool for the Program shall consist of all those who have completed and returned to
the HRA a complete application, written verification from their lender of pre -approval, and who
are determined by the HRA to be eligible.
Selection from the Applicant Pool
As funds are available, applicants will be selected from the applicant pool on a first come, first
serve basis. Eligible applicants will be selected for funding when they or their lender notify the
HRA of the applicant's approved purchase agreement and mortgage. If funding is limited and
more than one applicant is at the purchasing stage, the HRA will provide funding to the applicant
who qualifies for the most preference points.
Preference points have been established to meet the goals of the HRA. Each preference category
is worth one (1) point. The maximum points any one Family could receive are five (5) points.
Families with the highest point totals will be selected fust. In the event of a tie, a drawing or
lottery will be held to rank the applicants within each of the preference categories.
Applicant with dependents under age 18
Live in Plymouth at least 90 days prior to Closing
Head or co-head has primary, long-term employment in Plymouth
Currently holding a Plymouth Section 8 Voucher
Never owned a home (versus having owned a home over three years ago)
Selection from the applicant pool is tentative and conditional. Families selected for participation
must fulfill the Program obligations in a timely mamier and must remain eligible to participate
based on the program requirements and those of the lender through the time of Closing.
Lender Outreach
The HRA will solicit lender participation as needed. The HRA will review requests from lenders
to be approved as a participating lender of the First Time Homebuyer Program. The lenders
must be FHA and MMFA approved and exhibit a willingness to provide mortgage products to
low- and moderate -income Households.
7
PART III: PROGRAM RULES
Lenders
All lenders must be a Minnesota Mortgage Program Lender as approved by the Minnesota
Housing Finance Agency MHFA . Applicants should check the MI1FA website at
www.minnesota housing.com to determine whether a lender is approved to participate in the
Plymouth FTHB program Lenders and their representatives must also be willing to participate in
the Plymouth First Time Homebuyer Program. Applicants should ask the lender if they have
received the City of Plymouth's Program Guidelines and if they are familiar with the process. It
is the applicant's responsibility to make arrangements for obtaining pre -qualification or pre -
indication of approval and for making an application for a mortgage. A letter from the lender
indicating the amount of the mortgage for which the applicant pre -qualifies must be
provided with each application. The same lender must be used when the applicant goes for pre -
approval of a mortgage prior to the purchase of a home, so it is recommended that the applicant
selects the lender carefully.
Declarations of Restrictive Covenants
From time to time, declarations of restrictive covenants may be placed on properties as a
condition of First Time Homebuyer assistance. Declarations of restrictive covenants are placed
on select properties to ensure that these properties are owned by low- and moderate -income
households in the future, even after subsequent sales. Declarations of restrictive covenants may
also restrict the resale price of select housing units in an attempt to keep the units affordable.
Lead Based Paint Hazard Requirements
All applicants purchasing a dwelling built prior to 1978 will be provided with a lead based
paint brochure and must sign a certification of receipt of the brochure.
As a condition of funding, the applicant will be required to purchase a home free of Lead
Based Paint (LBP) hazards If the dwelling was built prior to 1978 a visual assessment for
deteriorated paint will be done by City staff. Applicants will be informed that the inspection
is only to determine the presence of deteriorated paint and they may also want to obtain a
complete Home Inspection from a certified Home Inspector.
If deteriorated paint is found the HRA will contract with a certified Risk Assessor to
perform the necessary tests to determine if there is a lead hazard risk. A copy of a clean Lead
Risk Assessment report must be submitted to the HRA before the home is approved for
assistance. If the applicant refuses, the property will not be eligible for assistance. The
applicant will need to find another house that is or will be made LBP risk free in order to
qualify for assistance.
If LBP risks are found, stabilization of the defective paint, cleanup and clearance will be
required before funds are approved for assistance. The presence of LBP risks should be
treated like any other defect found during an inspection and may be negotiated between
buyer and seller. Clearance will be required before the home can be safely occupied and will
assure that there are no remaining lead hazards.
Repayment of Assistance
Repayment of the deferred payment loan shall occur upon the earliest of:
Sale, transfer or thirty years from the initial purchase date, when the HRA Mortgage becomes
due and payable.
The property ceases for any reason to be the homebuyer's principal place of residence.
Default on the mortgage with the HRA or any superior mortgage on the property.
At the time of repayment, the HRA will prepare and execute a Satisfaction of Mortgage. The
Satisfaction of Mortgage will be sent to the Title Company, who will be responsible for
recording the Satisfaction with the County. The HRA will send the homeowner a copy of the
Satisfaction as well as the original Promissory Note indicating it has been satisfied.
Loan Forgiveness
Generally, the HRA will require that all First Time Homebuyer loans be repaid. However, the
HRA may waive repayment if the homeowner can prove a documented financial hardship. This
hardship may include the homeowner not having the resources to pay the HRA's loan back
requires a denial letter from one or more financial institutions) or the property value declining
since the HRA's loan was taken out. In addition, the HRA may consider forgivin T a portion or
the entire loan amount if the homeowner is facing foreclosure and forgivingthe loan, or a portion
thereof, will assist the homeowner in restrucw_ ing their mortgage so they can remain in the
hnn,P
The HRA will not consider forgiveness of the loan for the reasons stated above if the
homeowner's reason for selling is to purchase a lamer home unless there is severe overcrowding
in the home. Severe over crowding means that there are more than two persons per sleeping
room in the home. A living room is considered a sleeping room for this purpose.
Hardship requests shall be made in writing to the Housing Program Manager and will be
reviewed on a case-by-case basis. If the Housing Program Manager denies a hardship request,
appeals regarding interpretation of the hardship provisions may be made in writing to the HRA's
Executive Director and then to the HRA Board of Commissioners, which has the final say in the
request. Appeals that clearly do not meet the hardship requirements will not be considered.
Subordination of Mortgages
The HRA may subordinate the First Time Homebuyer Program loan. The HRA will review and
respond to all requests for subordinations within two weeks of the application date. The
following information must be submitted before a request for subordination will be considered.
Effective date of cuiTent first mortgage, current first mortgage balance, interest rate and term
Proposed loan amount, interest rate and term.
Reasons for new financing and use of proceeds by amount. If financing will be used for
home improvements, specific information on the proposed home improvements must be
provided.
Good Faith Estimate.
Copy of appraisal.
Most recent assessor's market value of property.
I
Types and amounts of any other indebtedness on property, including balance, rate and term.
Date the First Time Homebuyer loan was filed with County and the document number.
Household's verified income and size.
Full name, address, telephone number, contact person and e-mail address of the new lender.
Date subordination agreement is needed (must be at least two weeks from the date of the
request).
Information provided will be analyzed to determine the appropriateness of subordination of the
HRA's mortgage. The following criteria must be met before subordination of the loan will be
considered.
All current and proposed property liens, including the First Time Homebuyer loan, equal
less than 95 percent of the appraised value of the property.
The subordination is necessary to refinance the principle balance of existing prior liens
on the property and will facilitate a rate reduction, term reduction and/or principal
reduction plus any costs to finance additional eligible home improvements. No cash may
be taken out as a result of refinancing. However, the fees incurred to refinance will be an
allowable expense.
All home improvements must be eligible under the Home Rehabilitation guidelines and
the homeowner is required to submit documentation of cost for all improvements as a
condition of the subordination.
The uses for the new financing must be justifiable as an appropriate use of public funds to
warrant subordination of the public funding.
The household income of the homeowner must not be greater than 125 percent of current
CDBG maximum income guidelines.
The borrower(s) must correct any errors and omissions relating to their loan as a
condition of the HRA granting a subordination request. This requirement would include
but not be limited to documents that are not signed (but the intent was to have them
signed), documents with clerical errors and/or documents that are missing or destroyed.
If the above criteria are not met, the HRA will not subordinate its mortgage. The client will then
need to either obtain financing that is subordinate to the HRA's mortgage, pay off the HRA's
loan as a condition of the new financing, obtain non -mortgage financing, or forgo the additional
financing.
Appeals regarding interpretation of this Subordination Policy may be made in writing to the
HRA's Executive Director and then to the HRA Board of Commissioners. Appeals that clearly
do not meet the subordination requirements will not be considered.
Targeted Funding
At various times, the HRA may target Program funding for purchases in specific developments.
Applicants purchasing in those developments would receive Program funding prior to all othei
applicants.
Total Amount of Assistance
The total amount of assistance received through the Plymouth BRA for all EIRA programs including the
Housing Rehabilitation, First Time Homebuyer, and Emergency Repair Grant Programs cannot exceed
30,000.
10
Modification and Termination of Program
The HRA may modify or terminate the Program as it deems appropriate or as required by HUD.
Once the HRA has provided financial assistance and the mortgage executed, financial assistance
shall not be rescinded except as provided for in the executed HRA mortgage and promissory
note.
11
APPENDIX A
DEFINITIONS
Acceptable Loans — Conventional, Fannie Mae, FHA, VA and ARM's that at a minimum are at
a fixed rated for the first seven years.
Applicant -- An individual or household submitting an application for a Ioan.
Application — The form used to request assistance for the City of Plymouth's First Time
Homebuyer funds.
ARM — An Adjustable Rate Mortgage is a mortgage that offers an initial rate that is fixed for a
certain number of years of repayment; the rate then adjusts every year thereafter for the
remaining life of the loan.
CAPSH — Community Action Partnership of Suburban Hennepin. An agency working in all of
Suburban Hennepin County to assist low-income people with services to individuals through
outreach, energy assistance programs, homeownership services and financial counseling.
CDBG -- A Community Development Block Grant Program; which is an annual entitlement
program provided to the City of Plymouth through the U.S. Department of Housing and Urban
Development (HUD).
Cj!y — The City of Plymouth.
Clearance — A Lead Based Paint Certification that all lead issues have been remediated.
Closing - The consummation of the real estate transaction. The Closing includes the delivery of
a deed, financial adjustments, the signing of notes, mortgages, and the disbursement of funds
necessary to complete the sale and loan transaction.
Closing Costs_ - Those costs required by the lender to be paid by the buyer for various fees,
credit report cost, insurance, etc. at time of Closing on property.
Consolidated and Annual Action Plans — HUD requires the City of Plymouth to submit a 5
year Consolidated Plan and an Annual Action Plan to guide housing, homelessness and
Community Development activities.
Conventional Mortgage — A type of residential mortgage loan, usually from a bank or savings
and loan association, with a fixed rate and term. It is repayable in fixed monthly payments over a
period usually 30 40 years or less, secured by real property, and not insured by the Federal
Housing Administration or guaranteed by the Veterans Administration.
Down Payment — A type of payment made by a home buyer, indicating intention to purchase
real estate offered for sale and obtain financing from a bank or mortgage company.
DTI - Debt to Income Ratio — Indicates the percentage of income that goes toward housing
costs, including mortgage principal and interest, mortgage insurance premium, hazard insurance
premium, property taxes, and homeowners association dues (when applicable).
Family — A group of individuals who live or will live under one roof.
Fannie Mae — A privately owned and operated corporation that buys mortgages from such
lenders as banks and savings and loans, packages the, and resells them on the open market.
12
FHA — Federal Housing Administration. A Federal agency that administers many loan programs,
loan Guarantee programs, and Loan Insurance programs designed to make more housing
available.
First Time Homebuyer - A Family who has not owned a dwelling of any kind within the
preceding three years from the date of application or who has been displaced due to a divorce
situation. (A Family purchasing a dwelling with a Contract for Deed is not eligible to participate
in this Program.)
Good Faith Estimate — Document disclosing the approximate closing costs a mortgage
applicant will pay at or before the mortgage settlement date.
Gross Annual Income - The Gross Annual Income of a Household for the purposes of this
program is as defined for purposes of reporting under Internal Revenue Service Form 1040 for
individual Federal annual income tax purposes as per 24 CFR 570.3 and 26 CFR.
Gross Assets - The current market value of the following minus existing indebtedness:
Typically, it does not include 401Kfunds, pensions, or other deferred compensation funds.)
I . Cash on hand
2. Cash in checking accounts
3. Cash in savings accounts, including accounts held in trust.
4. The cash value of life insurance policies.
5. Investment securities (government bonds, municipal bonds)
6. Stocks
7. Certificate of deposits and annuities
8. The current market value of all interest in real estate. Included in this determination is
any land in which any resident of the Household holds title or is selling on contract for
deed. The value of the contract for deed property shall be defined as 100 percent of the
outstanding balance on the contract at a time twelve months following the date of the
income and other asset verifications. The dollar amount of the difference between the
outstanding balance at the time of verifications and the outstanding balance twelve
months later shall be included as household income.
9. All other property, exclusive of household furnishings, clothing, and one vehicle. This
section includes, but is not limited to business equipment, boats, snowmobiles,
motorcycles, farm stock and additional vehicles.
10. If the applicant owns a business, in full or in part, and that business is incorporated, then
the business equipment is not an asset. If the business is not incorporated, the business
equipment is then considered a personal asset. The value of the ownership of the
business by the applicant is a personal asset. If the applicant owns less than 100 percent
of the business, written notarized proof of the percent of ownership must be provided by
the applicant to the HRA.
Guidelines - The set of standards, criteria, and specifications to be used in administering the
Program.
Household -- All persons residing in one housing unit; which may include one or more families,
a single person, a married couple, or two or more unrelated persons.
Housing Counselor — A person who provides direct customer service primarily to groups,
individuals, households seeking information and assistance with housing issues.
HRA - The Housing and Redevelopment Authority in and for the City of Plymouth, Minnesota;
which administers Plymouth's First Time Homebuyer Program.
HUD — U.S. Department of Housing and Urban Development. The principal federal agency
responsible for implementing certain federal housing and community development programs.
13
Income — The amount of money or its equivalent received during a period of time in exchange
for labor or services, from the sale of goods or property, or as profit from financial investments.
Lead Risk Assessment — A report that describes the health-risk assessment, management
process, estimates of the costs of recovery, and summaries of possible defensive measures
required per HUD regulation CFR Part 35. Lead Based Paint Regulations.
Lender - Individual or firm that extends money to a borrower with the expectation of being
repaid, usually with interest.
Low Income Family_ — A Family whose annual income does not exceed the low-income limit as
established by HUD with adjustments for smaller and larger families.
MFHA — The Minnesota Housing Finance Agency; a Minnesota State agency that administers a
variety of first time home buyer loan programs.
Moderate Income Family - A Family whose annual income does not exceed 80 percent of the
median income for the area, as determine by HUD with adjustments for smaller and larger
families.
Mortgage - The conveyance of an interest in real property given as security for the payment of a
loan.
Principal Place of Residence — To occupy the home as the primary residence on a permanent
basis.
Program - The HRH's First Time Homebuyer Program.
Promissory Note - A written instrument containing a promise by the signer to pay an agreed
amount.
Purchase Agreement - An agreement between buyer and seller of real property, setting forth the
price and terms of the sale. Also known as a sales contract.
Reducing the Mortgage Principal Amount - A method of benefiting the buyer through the use
of a portion or all of the HRA provided financial assistance to lower the mortgage principal
amount. In effect, this assistance acts as a larger down payment and, helps to reduce the monthly
mortgage payments. The available amount of assistance is up to 10% of the purchase price to a
maximum of $20,000. Borrowers are expected to contribute at least 28% of their gross
qualifying income toward their monthly payment before Plymouth financial assistance can be
used for reduction of the mortgage principal.
Satisfaction of Mortlaage -- A document releasing a Mortgage lien, indicating the borrower has
paid the debt in full.
Second Mortgage - A loan on a property that already has an existing mortgage (the first
mortgage). The second mortgage is subordinate to the first.
VA Loan — Department of Veterans Affairs, providing below-market financing with no down
payment to veterans of the U.S. Awned Services.
14
Plymouth HRA
Housing Rehabilitation Program
Or t
PROCEDURAL GUIDELINES
x `p41 N W P xo
a oxraxnr
Adopted by the Plymouth Housing & Redevelopment Authority
Revised May 2009
TABLE OF CONTENTS
PART I. GENERAL PROGRAM DESCRIPTION 3
Program Overview 3
Program Goals 3
Program Administration 4
Purpose of the Program Guidelines 4
PART U. PROGRAM POLICIES 5
Responsibilities of the Homeowner 5
Responsibilities of the HRA 5
Application to the HRA 6
Eligibility Requirements 7
Eligible Dwellings 12
Denial of Eligibility 12
Eligible Improvements 12
Improvement Standards 16
Accessibility Improvements 19
Application/ Loan Processing 20
PART III. PROGRAM VERIFICATIONS/ DOCUMENTS 23
Pre -Approval Verifications 23
Pre -Construction Documents 24
Post -Construction Documents 28
PART IV: PROGRAM RULES 34
Lead Based Paint Hazard Requirements 30
Repayment of Assistance 30
Forgiveness of Indebtedness 31
Subordination Policy 31
Targeted Funding 32
Modification/ Termination of Program 32
Additional Funding Requirements/ Provisions 32
Additional Counseling/ Training Requirements 35
APPENDIX A 37
Definitions 36
2
PART I: GENERAL PROGRAM DESCRIPTION
Program Overview
Plymouth's Housing Rehabilitation Program is available to low and moderate -income
households to maintain, repair, and improve their homes. As the Plymouth Housing and
Redevelopment Authority (HRA) administers the program with funds appropriated from the
Community Development Block Grant Program (CDBG), the program will follow CDBG
regulations.
There are two types of housing rehabilitation assistance available to eligible homeowners,
deferred Ioans and emergency repair grants. A limited amount of fiends are available for each
program and applications are accepted on a first come first served basis.
The deferred loan program allows applicants to receive up to $20,000.00 in a deferred, zero
interest loan to make eligible home improvements to comply with minimum housing quality
standards. Loans must be 100% repaid if the home is sold, transferred, or no longer
homesteaded within 10 years. After 10 years the loan declines 10% a year until it is forgiven
after 20 years.
An emergency repair grant allows income qualifying seniors a maximum of $5,000.00 in
grant funds to be used for emergency repairs. Emergency repairs include such items as the
repair or replacement of failed plumbing, heating and electrical systems. The purpose of an
emergency repair grant is to allow the homeowners to complete eligible repairs without
completing a full-scale rehabilitation project and signing a long-term repayment agreement.
Applications may be submitted by non-profit agencies on behalf of eligible homeowners or
directly by homeowners to the Housing and Redevelopment Authority (HRA).
Program Goals
The overall goal of this Housing Rehabilitation Program is to improve the safety, livability,
and the energy efficiency of homes owned by low and moderate -income families within the
City of Plymouth. Additional housing rehabilitation assistance goals have been established
for the City of Plymouth in its Consolidated Plan. According to these goals, for a property to
be counted as meeting the housing rehabilitation standards of the City of Plymouth, the home
must be determined to be substandard and upon completion of rehabilitation meet minimum
Section 8 housing quality standards pursuant to 24 CFR, as follows;
Dwellings improved under this program shall generally meet the performance
requirements and acceptability criteria set forth in this section except for such
variations as are proposed by the HRA and approved by HUD. Local climatic or
geological conditions or local codes are examples, which may justify such variations.
3
Program Administration
This Program will be administered by the Plymouth HRA, which has been given the
authority to administer this Program by the Plymouth City Council. Funding of this Program
is provided through the Department of Housing and Urban Development (HUD) as part of
the Community Development Block Grant (CDBG) program. This Program will follow all
applicable CDBG regulations and in the event policies included in this Guidelines conflict
with CDBG regulations, the CDBG regulations will prevail.
Purpose of the Program Guidelines
The purpose of these Guidelines is to establish policies for carrying out the Housing
Rehabilitation Program in a manner consistent with HUD requirements and local goals and
objectives contained in the Consolidated Plan and Annual Action Plan. The HRA is
responsible for complying with all changes in HUD regulations pertaining to the CDBG
program. If such changes conflict with these Guidelines, as previously stated HUD
regulations will have precedence. Applicable regulations include:
24 CFR Part 5. General Program Requirements
24 CFR Part 8: Nondiscrimination
24 CFR Part 570: Community Development Block Grant
24 CFR Part 35: Lead -Based Paint Regulations
M
PART II: PROGRAM POLICIES
Responsibilities of the Homeowner
Complete, sign and submit the housing rehabilitation application as well as all additional
required supporting documentation
Inform the HRA about any changes in their application or project
Meet program deadlines
Set-up initial meeting with HRA staff
Set-up initial inspection with HRA inspector
Review the Scope of Work
Obtain bids and submit the bids to the HRA within 30 days
Make house accessible to contractors
Inform HRA of any issues related to work or changes in the scope
Inform the HRA when contractors have completed work
Sign Completion Certificate when they are satisfied with the work completed
Responsibilities of the HRA
Outreach and Public Information
The HRA will be responsible for the promotion of the Housing Rehabilitation Program
within its boundaries. The HRA will exercise care in avoiding any advertising or
outreach method that may be deemed to systematically exclude potentially eligible
applicants. Access to program materials will not be denied to any person for any reason.
The HRA will market its own and other available home rehabilitation, energy reduction
and other home improvement and maintenance programs. Some possible marketing
activities that may be used are:
1. Regular promotions in the City's newsletter, area newspapers, and cable TV.
2. Program advertising (brochures/flyers) of HRA and other available programs at
banks, community centers, businesses that sell home improvement items, businesses
with high walk-in traffic, and City Hall.
3. Staff a booth at area remodeling fairs.
4. Post on the City of Plymouth's web site.
The program will include affirmative marketing efforts. The IIRA will review its normal
outreach methods from time -to -time to ensure that the loan program is made available to
persons who otherwise might not apply for assistance.
Inspection of Properties
The HRA is responsible for carrying out a minimum of two inspections of each approved
property. The first inspection shall be completed after the applicant is determined to be
eligible for the program. During this inspection a property inspection report will be
completed that will list all deficiencies in the dwelling and will be used to determine
whether sufficient funds are available to render the dwelling reasonably habitable, safe
and energy efficient. During the inspection, the home will also be inspected for lead
based paint hazards and if required, a lead risk assessment will be ordered.
The second inspection shall take place after the work is finished to determine that all
work has been completed in a satisfactory manner consistent with these guidelines, the
scope of improvements and the contractors quote.
The HRA may conduct interim inspections of the property as necessary.
Preparation of Scope of Improvements/ Work Proposal
The scope of improvements is based on the property inspection report and shall list all of
the eligible improvements that will be completed. The HRA shall provide the
homeowner with copies of the scope of improvements. The scope will be prioritized
based on the urgency of the repairs. The repairs must be completed in the order reflected
on the scope of improvements
Additional Assistance Programs
To maximize available assistance from the Minnesota Housing Finance Agency (MHFA)
and other sources, the HRA will work directly with homeowners to assess and facilitate
their eligibility for other assistance. MHFA has several programs and other assistance is
often available through the U.S. Department of Energy. Additional Rehabilitation Loan
and/or Grant Programs include:
1. MHFA Programs
a. Rehabilitation Loan Program
b. Fix Up Fund
2. Weatherization Assistance Program
3. Horne Energy Loan Program
Application to the HRA
Normally, a first come first serve applicant selection process will govern the administration
of the program; however, where an applicant has an immediate safety or health need, that
applicant will be given priority.
Each application will be dated upon receipt. The receipt date shall be used as one of the
criteria for ranking of the application. It should be noted that an application is considered
complete when all materials used to determine eligibility are received by HRA staff.
The HRA shall adhere to the following guidelines:
1. The process must be uniformly applied during the entire funding year.
2. No eligible applicant shall be rejected on the basis of judgments as to personal character
or life-style.
3. Where no funds are available for assistance to applicants, the following procedure shall
be used:
a. Explain to the applicant that the funding for the current year has been either depleted
or allocated.
b. Inform the applicant of other possible funding sources, including local, state and
federal programs.
Send the applicant a letter indicating that the application has been placed on a waiting
list but that there is no guarantee of future funding. This letter should outline the
other possible avenues of obtaining home improvement funds.
Eligibility Requirements
Applicants must meet all the requirements set forth in these Procedural Guidelines.
Ownership and Occupancy Requirements
The property must be the applicant's place of residence for a minimum of nine months in
any twelve-month period. An exception may be made for a disabled person or household
member who cannot move into the home until modifications are made.
The applicant must have a qualifying interest in the property although that interest may
be aggregated with the ownership interest of other individuals occupying the property as
their principal place of residence. A qualifying interest shall consist of:
1. A valid life estate. Such life estate must be recordcd and must appear in the records
of the County; or
2. A one third interest in the fee title. Such interest may be subject to a mortgage; or
3. A contract for deed in the property to be improved. Such contract for deed must be
recorded and must appear in the records of the County.
All individuals having an ownership interest in the property to be improved must sign the
Repayment Agreement.
Ownership shall be based on the information recorded in the Hennepin County
Recorder's Office.
The applicant must be current on all mortgage payments, contract for deed payments,
homeowner's association dues and property taxes on the property to be improved. If any
of these payments are delinquent, they must be made current before the application can
be approved for funding. In addition, there shall be no outstanding mechanics liens filed
against the property.
The applicant must be capable of maintaining the home. This includes financial and
physical maintenance of the home. Applicants with significant financial and/ or physical
maintenance issues will be referred to appropriate service agencies.
7
Annual Gross Household Income
Applicants must have an annual gross household income at or below 80% of the area
median income for the household size in effect at time of application.
Gross annual income is defined as the gross annual income from all funding sources
before taxes and withholdings) of all individuals living in the housing unit for at least
nine (9) months of any twelve-month period and who do not pay rent.
Non-recurring types of income should be included as assets rather than income. Items for
inclusion under this category may include a single gift of cash from a person or persons,
cash sales of property, receipt of one-time survivor benefits, etc. A one-time sale of stock
does not count as income, but rather the proceeds are counted as assets.
Gross annual income includes:
1. Salaries (including commissions, bonuses, overtime pay and tips).
2. Any public assistance (including but not limited to welfare, AFDC, SSI, and
unemployment compensation).
3. Alimony and/or child support.
4. Interest and dividends.
5. Pensions and annuities.
6. Rental income.
7. Estate or trust income.
8. Business profit --for self employed individuals (including farmers and child care
providers).
9. Gains from the sale of property.
10. Payment received from properties being sold on contracts for deed.
11. Partnerships.
12. Personal and/or business loans.
13. Miscellaneous income (including recurring gifts fiom a person or persons).
Calculation of Household Income
1. Gross annual income shall be based upon annualized weekly or monthly income as of
the date of verification.
2. In cases where the gross income of the applicant's household is extremely low, the
applicant must demonstrate they are able to meet their monthly obligations. The
applicant must produce written verification of the household's monthly expenditures,
clearly itemizing the amount of money and its source, on all obligations, which may
include the following items: mortgage, contract for deed, insurance, loans, income,
property taxes, transportation expenses, charge accounts, health costs, food, utilities,
clothing and entertainment. These expenses shall determine the household
maintenance income.
3. Any income determination, which results in a net loss of income, must be considered
as $0 income. That is, an income loss from one source may not be subtracted from a
8
separate source of income for the purpose of determining total household gross
annual income.
4. Any educational loans, including VA benefits, which are paid directly to the
individual, must be included as income. Loans or scholarships, which are paid
directly to an educational institution, are not included as income.
5. If a current pay -stub does not provide conclusive verification of overtime or bonuses,
the loan administrator, through contacting an employer, may need to determine
projected bonus and/or overtime income. The amount of overtime or bonuses may
also be based on prior year's figures or average amounts awarded to other employees
with the same status. The most recent IRS tax return may also be used for these
purposes.
6. Self-employed persons must submit signed copies of IRS tax returns for the previous
three years. Applications processed before April 15th of any given year may use the
IRS tax returns from the second and third proceeding years if their return for the first
preceding year is not available. Applications processed after April 15th of any given
year must use the IRS tax returns from the first and second preceding years. The
administering entity will determine gross annual income by averaging the income
from the two submitted returns.
7. For self-employed persons, normal out-of-pocket business expenses such as office
rents, telephone, etc. are generally deductible items. Property or equipment
depreciation is not deductible and must be added back to establish income for
program purposes.
Individuals who have been self-employed for less than two years must submit a profit
and loss statement detailing the business income and expenditures. An exception
may be made if the applicant prepares one that it is endorsed by a reputable third
party and includes a declaration that all information contained in the statement is
accurate and complete and that the applicant is aware that any errors or evasions may
result in prosecution. If the individual can produce a signed IRS return for one
complete year of self-employment and a profit and loss statement for the subsequent
period, that will be acceptable.
8. Income from rental properties, including rents from the property to be improved, shall
be included in the gross annual income. Expenses allowable for deduction for rental
purposes include a proportional share of the mortgage principal and interest payment,
utilities, taxes, insurance, and maintenance. In no event shall such deductions exceed
the gross rental income.
9. The Calculation of Gross Annual Income may not be based on a temporary condition
such as unemployment or temporary worker's compensation. If unemployment recurs
on a regular basis, gross annual income shall include the sum of wages and
unemployment compensation expected to be received by the household over the next
G
12 months. If worker's compensation is permanent income the insurance company
must verify it.
Gross Annual Income may not be based on tem orary non-recurring unemployment
of a known duration, such as that due to lay-off, maternity leave, sabbatical leave, etc.
Rather, income shall be calculated based on the normal annual income of the
temporarily unemployed person. At that time, the household must be able to
demonstrate that it is both income eligible and capable of meeting its monthly
obligations as outlined.
Application of those who are unemployed for an unknown period of time shall not be
considered until the unemployed household member has exhausted all eligibility for
unemployment compensation and the employer indicates a callback date is unknown.
10. The income earned from assets will be combined with income earned from other
sources to determine if the total income is under the appropriate income limit.
11. All applicants must be able to demonstrate that they are current on income tax
payments to the federal government by submitting signed copies of complete federal
tax returns for the three preceding years. Applicants who are delinquent, but who can
be verified as being current on a repayment schedule, will be regarded as being
eligible in this regard. Applicants who are required to file federal income tax returns
but who have not filed or applicants who are delinquent and are not current on a
repayment schedule are not eligible for program assistance.
Deductions from gross income
The following items must be acknowledged as income but can be discounted as
qualifying income:
1. Personal loans, which must be repaid at a later date, (a copy of the loan agreement/
payment schedule must be included in the file).
2. Alimony or child support payments to individuals not residing permanently in the
property to be improved, (a copy of the pertinent section of the divorce decree must
be included in the file).
3. The income of any resident under the age of seventeen.
4. Payments received for the care of foster children.
5. The income of a live-in aide.
6. Educational grants or scholarships, including VA educational benefits, provided that
the recipient is registered for classes in the quarter during which the eligibility
verification occurs or for the quarter immediately following.
7. Extraordinary medical expenses. This includes any medical expenses that exceed 3%
of a household's annual income and are recurring in nature. Recurring expenses
include medical insurance, prescriptions, or regular payments for a medical debt that
the homeowner is required to pay on a monthly basis, and which are expected to
continue indefinitely or for at least the next 12 months. This deduction is allowed in
those cases where the applicant's gross annual income exceeds the stated program
10
income limit of 80% of the area median income. If, after the deduction, the
applicant's income is at or below 80% of the area median income, the applicant is
eligible.
Asset Determination
Gross Assets must not exceed $25,000, which excludes one automobile. Gross Assets
include the cash value of accounts such as money-market accounts, personal savings
accounts, checking accounts, investment securities, stock, current market value of all
interest in real estate, annuities, life insurance policies, and certificate of deposits.
Typically, it does not include 401K funds, pensions, or other deferred compensation
funds.
Equity Contribution
If the applicant's Loan to Value ratio is below 80%, they would be required to contribute
to the cost of the rehab in an amount equal to the equity available that is greater than
80%.
Example 1:
Value of home from either an appraisal or property assessment $200,000
80% Loan --to-Value $160,000
Total loans against the property -$100,000
Available Equity / Applicant Equity Contribution to the Project =$60,000
In this scenario, the applicant would be ineligible for the Plymouth Rehabilitation Loan
Program because the amount of equity available exceeds the maximum loan amount of
20,000 for the Rehab program.
Example 2:
Value of home from either an appraisal or property assessment —$200,000
80% Loan -to -Value $160,000
Total loans against the property -$150,000
Available Equity / Applicant Equity Contribution to the Project —$10,000
In this scenario, the applicant would be required to commit $10,000 of their existing
equity towards the Rehab Loan. Plymouths' Rehab loan would be reduced so that the
two sources do not exceed the $20,000 program maximum limit.
EXCEPT if the applicant is unable to obtain the funds or financing to contribute their
portion to the project based on the above scenario, then the Calculation -of -Need can be
used. If the applicant's debt -to -income ratio is greater than 55% the applicant would be
considered eligible.
Hardship requests shall be made in writing to the Housing Program Manager and will be
reviewed on a case-by-case basis in situations where a homeowner does not qualify from
at least 2 lenders for private financing. If the Housing Program Manager denies a
hardship request, appeals regarding interpretation of the hardship provisions may be
made in writing to the HRH's Executive Director and then to the HRA Board of
Commissioners, which has the final say in the request. Appeals that clearly do not meet
the hardship requirements will not be considered.
Eligible Dwellings
PropgMType and Location
The property must be 1) located within the city limits of Plymouth; 2) in compliance with all
applicable zoning ordinances; 3) used primarily for residential purposes; and 4) contain no
more than two dwelling units, one of them owner -occupied. Improvements can only be made
to the owner -occupied unit, unless the improvement serves both units, such as a roof.
However, a condominium or townhouse may be considered eligible provided repairs are
done only within the unit itself.
Structure
The property to be improved must be an existing and permanent structure. An owner -
occupied mobile home on a permanent foundation located on land owned by the applicant is
eligible. Trailers or mobile homes located on land not owned by the applicant are not
eligible.
Denial of Eligibility
The HRA will review and verify all applications for eligibility. Those applicants not meeting
the eligibility requirements will be sent a written notice explaining the reason(s) for denial
and outlining the appeal process as stated below.
Appeals regarding interpretation of eligibility requirements may be made in writing to the
Housing Program Manager, HRA's Executive Director and then to the HRA Board of
Commissioners. Appeals that clearly do not meet eligibility requirements will not be
considered.
Eligible Improvements
Each improvement must be a permanent general improvement. Permanent general
improvements shall include such alterations, renovations, or repairs upon or in connection
with existing structures, which correct defects or deficiencies in the property affecting
directly the safety, habitability or energy consumption of the property. A permanent general
improvement must be economically viable in terms of a determination that after the
improvement is made:
12
The structure will have a remaining useful life such that the total amount of the
repairs required bringing the house up to Section 8 Housing Quality Standards may
be amortized over such life in an economically prudent manner.
2. The structure will be reasonably livable, safe and habitable. All materials used in the
rehabilitation work will be new, of same grade and quality, dimensions and design as
that originally installed. All work and materials must be applied in accordance with
the applicable manufacturer's list instructions and specifications. The owner shall
select colors and patterns of materials furnished by the contractor from readily
available supplier's selection. However, should the homeowner desire more
expensive materials to be used, the homeowner would pay the cost difference.
No funds shall be used in whole or in part for the purpose of refinancing or paying off an
existing indebtedness. All such funds must be used to finance improvements begun after
the execution of a Work Contract prepared by the HRA and signed by the homeowner
and the contractor.
Additions
The HRA may approve the construction of an addition only in the
described circumstances indicated below:
1. Bedroom additions may be allowed in cases of severe overcrowding. For the purpose
of this program, a dwelling will generally be considered "overcrowded" if there is an
average of more than one person per room (excluding bathroom) in the dwelling, or
as otherwise approved by the HRA.
2. Bathroom additions may be allowed in cases of inadequate indoor bathroom facilities
only if no other space in the structure is appropriate for such facilities
3. In the case of applicants with impaired mobility, request for room additions will be
reviewed in compliance with procedures for loans including accessibility
improvements.
Demolition
Demolition of outbuildings is allowed only when such clearance is required by the local
building code. Loan funded improvements cannot otherwise be limited to demolition
only, except in circumstances determined as exceptional by the HRA.
Sidewalks and Driveways
Reconstruction of sidewalks and driveways is allowed only on private property and only
if existing conditions are clear and imminent safety hazards. Construction of a new
sidewalk or driveway may be allowed at the discretion of the HRA and only as necessary
for accessibility improvement for elderly or disabled household members.
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Exteriors
Exterior finishing (painting or siding) is allowed if there is deterioration of current
exterior finishing. Exterior finishing requested solely for cosmetic purposes will not be
approved. Should a determination be made that lead-based paint was used on the
structure; appropriate measures will be taken in accordance with applicable lead based
paint requirements.
Energy Efficiency
Where property is not reasonably energy efficient, loan funds shall be used to the extent
necessary to increase such efficiency. Energy saving features shall be consistent with the
energy standards promulgated as part of the State building code, but such improvements
need not bring the unit or house into compliance with such energy standards.
Smoke Detectors
Smoke detectors shall be installed in all dwellings being improved with loan funds,
unless detectors are already properly installed. All properties being improved shall
contain adequate smoke detectors following completion of the rehabilitation work. When
interior alterations, repairs or additions requiring a permit occur, or when one or more
sleeping rooms are added or created in existing dwellings, the individual dwelling unit
shall be provided with smoke detectors located as required for new dwellings; the smoke
detectors shall be interconnected and hard wired.
Exceptions. 1) Smoke detectors in existing areas shall not be required to be
interconnected and hard wired where the alterations or repairs do not result in the
removal of interior wall or ceiling finishes exposing the structure, unless there is an attic,
crawl space, or basement available which could provide access for hard wiring and
interconnection without the removal of interior finishes. 2) Repairs to the exterior
surfaces of dwellings are exempt from the requirements of this section.
Power Source: In new construction, the required smoke detectors shall receive their
primary power from the building wiring when such wiring is served from a commercial
source, and when primary power is interrupted, shall receive power from a battery.
Wiring shall be permanent and without a disconnecting switch other than those required
for over current protection. Smoke detectors shall be permitted to be battery operated
when installed in buildings without commercial power or in buildings that undergo
alterations, repairs or additions.
Carbon Monoxide (CO) Alarms
Carbon Monoxide Alarms shall be installed within ten feet of each room lawfully used
for sleeping purposes. All CO alarms shall be certified by a nationally recognized testing
laboratory to conform to the Iatest Underwriters Laboratory (UL) Standards.
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Power Source: CO alarms must be either hardwired into the electrical wiring, directly
plugged into an electrical outlet without a switch, or battery powered.
House Numbers
Where the house numbers are not present or are not installed to applicable City codes and
ordinances, they shall be installed properly.
Stoves and Refrigerators
If a refrigerator does not have a freezer compartment, maintain a temperature low enough
so that food does not spoil over a reasonable period of time and is not sized correctly for
the household to meet Section 8 Housing Quality Standards consideration may be given
to replace or repair the refrigerator.
If a cooking stove or range with top burners is present but does not meet Section 8
Housing Quality Standards. Consideration may be given to replace or repair the stove or
range with top burners.
Repair or replacement of washers/dryers/dishwashers is not allowable.
Water and Sewer
Loan funds may be used for the portion of improvements located on the property which
will bring an individual water supply system or an individual sewage disposal system
including septic systems) into compliance with local, state or federal enviromnental and
sanitary standards provided no public utility service is available. Payments of applicable
SAC (Sewer availability charges) are an eligible expense.
Water drawn from a valid well must be potable (safe for drinking) and must be free of
sand, grit or other material which might damage the pump or plumbing. Water need not
be free from minerals that may make it cloudy nor must it be free from odor. NO
FUNDS WILL BE DISBURSED BY THE HRA UNTIL WATER IS STRUCK. It is an
eligible improvement to connect a house to City water and/or sewer when conditions
affecting the health of the residents are present or when required by City Ordinance.
Garages
Work on detached garages is allowed only if the existing condition presents a clear and
imminent safety hazard. Garage door openers will not be considered as an eligible repair
or addition unless the homeowner has a documented physical disability which would
require them to have one.
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Improvement Standards
Sanitary Facilities
1. Performance Requirement: The dwelling unit shall include its own sanitary facilities,
which are in proper operating condition, can be used in privacy, and are adequate for
personal cleanliness and the disposal of human waste.
2. Acceptability Criteria: A flush toilet in a separate, private room; a fixed basin with a
sink trap and hot and cold running water; and a shower or tub with hot and cold
running water shall be present in the dwelling unit, all in proper operating condition.
These facilities shall utilize an approved public or private disposal system.
Food Preparation
1. Performance Requirement: The dwelling unit shall contain suitable space and
equipment to store, prepare, and serve foods in a sanitary manner. There shall be
adequate facilities and services for the sanitary disposal of food wastes and refuse,
including facilities for temporary storage where necessary.
2. Acceptability Criteria: The unit shall contain the following equipment in proper
operating condition: an oven, a cooking stove or range; a refrigerator of appropriate
size for the family and a kitchen sink with a sink trap and hot and cold running water.
The sink shall drain into an approved public or private system. Adequate space for
the storage, preparation and serving of food shall be provided. There shall be
adequate facilities and services for the sanitary disposal of food wastes and refuse,
including facilities for temporary storage where necessary (e.g. garbage cans).
Space and Security
1. Performance Requirement: The dwelling unit shall afford the homeowner adequate
space and security.
2. Acceptability Criteria: A living room, kitchen area, and bathroom shall be present,
and the dwelling unit shall contain at least one sleeping or Iiving/sleeping room of
appropriate size for each two persons. Exterior doors and windows accessible from
outside the unit shall be lockable.
Thermal Environment
1. Performance Requirement: The dwelling unit shall have and be capable of
maintaining a thermal environment healthy for the human body.
2. Acceptability Criteria: The dwelling unit shall contain a safe heating system which is
in proper operating condition and can provide adequate heat to each room in the
dwelling unit to ensure a healthy living environment. Unvented room heaters, which
burn gas, oil or kerosene, are unacceptable.
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Illumination and Electrici
1. Performance Requirements: Each room shall have adequate natural or artificial
illumination to permit normal indoor activities and to support the health and safety of
occupants. Sufficient electrical outlets shall be provided to permit use of essential
electrical appliances. Electric fixtures and wiring must ensure safety from fire.
2. Acceptability Criteria: Living and sleeping rooms shall include at least one window.
A ceiling or wall type light fixture shall be present and operable in both the bathroom
and kitchen area. At least two electric outlets shall be present and operable in the
living room area, kitchen area, and each bedroom area.
Structure and Materials
1. Performance Requirement: The dwelling unit shall be structurally sound so as not to
pose any threat to the health and safety of the occupants and to protect the occupants
from the environment.
2. Acceptability Criteria: Ceilings, walls, and floors shall not have any serious defects
such as severe bulging or leaning, large holes, loose surface materials, severe
buckling or noticeable movement under walking stress, missing parts or other serious
damage. The roof structure shall be firm and the roof shall be weather tight. The
exterior wall structure and exterior wall surface shall not have any serious defects
such as serious leaning, buckling, sagging, cracks or holes, loose siding, or other
serious damage resulting in air infiltration or vermin infestation. The condition and
equipment of interior and exterior stairways, halls, porches, walkways, etc. shall be
such as not to present a danger of tripping or falling. In the case of a mobile home,
the home shall be securely anchored by a tie down device which distributes and
transfers the loads imposed by the unit to appropriate ground anchors so as to resist
wind overturning and sliding.
Interior Air Quality
1. Performance Requirement: The dwelling unit shall be free of pollutants in the air at
levels that threaten the health of the occupants.
2. Acceptability Criteria: The dwelling unit shall be free from dangerous levels of air
pollution from carbon monoxide, sewer gas, fuel gas, dust, and other harmful air
pollutants. Air circulation shall be adequate throughout the unit. Bathroom areas
shall have at least one operable window or other adequate exhaust ventilation. Any
room used for sleeping must have at least one operable window.
Water Supply
1. Performance Requirement: The water supply shall be free from contamination.
2. Acceptability Criteria: The unit shall be served by an approved public or private
sanitary water supply that is sanitary and free from contamination.
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Lead Based Paint
1. Performance Requirement: The dwelling unit shall be in compliance with HUD Lead
Based Paint regulations, 24 CFR. Part 35, issued pursuant to the Lead Based Paint
Poisoning Prevention Act. 42 U.S.C. 4801 and all successive amendments.
2. If the property was constructed prior to 1978, the applicant will be furnished the HUD
Lead Based Paint Notice on the hazards of lead based paint poisoning.
Documentation of receipt of the notice shall be included in the file.
3. Acceptability Criteria: Same as Performance Requirement.
Access
1. Performance Requirement: The dwelling unit shall be usable and capable of being
maintained without unauthorized use of other private properties, and the building
shall provide an alternate means of egress in case of fire.
2. Acceptability Criteria: The dwelling unit shall be usable and capable of being
maintained without unauthorized use of other private properties. The building shall
provide an alternate means of egress in case of fire (e.g. windows that satisfy
standards for egress).
Site and Neighborhood
1. Performance Requirement: The site and neighborhood shall be reasonably free from
disturbing noises and reverberations and other hazards to the health, safety, and
general welfare of the occupants.
2. Acceptability Criteria: The site and neighborhood shall not be subject to serious
adverse environmental conditions, natural or man made, such as dangerous walks and
steps; instability; flooding; poor drainage; septic tank backups; sewage hazards; mud
slides; abnormal air pollution, smoke or dust; excessive noise, vibration or vehicular
traffic; excessive accumulations of trash; vermin or rodent infestation; or fire hazards.
Sanitary Condition
1. Performance Requirement: The unit and its equipment shall be in sanitary condition.
2. Acceptability Criteria: The unit and its equipment shall be free of vermin and rodent
infestation.
Smoke Detectors
1. Performance Requirement: The unit shall have at least one battery-operated or hard-
wired smoke detector, in proper operating condition on each level of the unit. Smoke
detectors must be installed in accordance with and meet requirements of NFPA 74
and succeeding standards. If the unit is occupied by hearing-impaired person(s),
smoke detector must have an alarm system, designed for hearing impaired persons.
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Accessibility Improvements
Permitted Accessibility Improvements
Accessibility improvements may include:
1. Structural Improvements: Construction, installation or modification of ramps,
handrails, kick plates and door widths; repair or replacement of doors; relocation of
doorways; installation of lever -action hardware; construction or expansion of rooms.
2. Exterior Improvements: Construction of exterior ramps, railing, walkways, landings
and porch extensions, site grading and other site improvements.
3. Bathroom Improvements: Installation of elevated water closets, grab bars, shower
stalls, tub seats, hand-held showers, accessible sinks, electrical outlets, medicine
cabinets and other accessories, and modification or expansion of bathroom area to
allow a five-foot turning radius.
4. Kitchen Improvements: Construction, modification or replacement of cupboards or
shelves to provide access to sinks, cook tops, ovens or storage areas; installation of
accessible electrical outlets and switches, lever -action hardware, garbage disposals;
insulation of hot water pipes; modification or expansion of kitchen area to allow for a
five-foot turning radius in the workspace; installation of "lazy Susan's" in cupboards;
replacement of floor covering in order to improve wheeling surface.
5. Other Improvements: In exceptional circumstances - installation of central air
conditioning and/or stair glides or electric lifts when the handicapped person's doctor
in writing verifies the need for these improvements.
6. Improvements that are determined to be ineligible as accessibility improvements may
be funded under the other provisions of the Procedural Guidelines.
Additional Funding for Accessibility provements
A total loan of $340,000.00 will be allowed to households with accessibility needs to
address both accessibility and general improvement needs. Although there is no fixed
limit allowed for accessibility improvements, serious health, safety, and code violations
must be addressed in addition to the accessibility improvements. A prioritization of the
scope of improvements will be done by the program administrator in conjunction with the
homeowner to allow for the most urgent needs to be met.
Standard Procedure for Compiling Accessibility Portion of Loan
A loan application that includes accessibility improvements must include the following:
1. An accessibility improvements inventory, containing a description of the accessibility
improvements to be made shall be included with the inspection report;
2. A letter describing:
a. the level and specific type of disability experienced by the handicapped person; and
b. the specific accessibility improvements requested;
3. Quotes from contractors;
4. Architectural drawings, if needed;
5. Any other materials requested.
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Requirements for Participation
Loans may be made to households with a handicapped person for accessibility
improvements if the conditions of the Procedural Guidelines have been fully satisfied.
To qualify for accessibility improvements the handicapped person must be a permanent
member of the household.
Application/ Loan Processing
Acceptance Procedures
The HRA's objectives are to encourage necessary improvements whereby the structure
will be reasonably livable, safe, habitable, and energy efficient.
Approval of Application
1. Upon approval of the application, the HRA will notify the applicant in writing.
2. The Repayment Agreement executed by the applicant and dated prior to work
completion will be held by the HRA.
Expediency of Loan Processing
Loans shall be processed in a reasonable length of time in an efficient and accurate
manner. Each Loan shall be completed within six months, from start to finish, unless
otherwise authorized by the Plymouth HRA. The Repayment Agreement shall be filed by
the Program Administrator prior to work commencing.
Disbursement of Funds
The HRA will be responsible for disbursing funds to contractors who have performed
work. Payment for work completed will be made after the work is completed, inspected
and all of the required parties have signed a completion certificate. Partial payments may
be made if required by the contractor after an interim inspection and the homeowner has
signed a completion certificate for that portion of the project. Advance payments may be
made at the discretion of HRA staff and written approval from the homeowner when
required for ordering up -front cost items, such as windows or siding, and upon
submission of an invoice of materials ordered by the contractor.
Disbursement Procedures
No disbursement of funds shall be made to a contractor until the HRA is in receipt of;
1. A Completion Certificate signed by the inspector, homeowner, and HRA
administrator; and
2. An original invoice from the contractor for the amount of the work performed; and
3. A properly completed Sworn Construction Statement; and
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4. Lien waivers provided by the contractor/subcontractor(s) supplier for the amount of
the work performed; and
5. Any successful Clearance Tests, if necessary,
Upon receipt of the above items, payment may be made to the contractor. Payment will
normally be made within 15 business days after the HRA receives the invoice, signed
Completion Certificate and the lien waivers
Delivery of Loan Funds
The HRA will disburse funds to contractors for completed work, in compliance with
Program Guidelines. No work shall start on any structure prior to the proper completion
of a Work Contract referring to specific work items under that particular loan, the
contractor's proof of insurance, license, W-9 form, and LBP certification if required.
Requests for Changes in Loan Amount
At the discretion of the HRA, an expenditure of funds in excess of the approved amount
may be approved in the event of justifiable over -runs in the cost of improvements. The
HRA must document increases or decreases in the amount according to the following
procedures:
1. The HRA shall inspect the property to determine if the change is justified.
2. The HRA may authorize changes that meet program eligibility criteria when
necessary. Authorization will be given by the HRA signing the amendment request
certificate.
3. In no case shall the amount of the loan exceed the maximum loan amount, except in
the cases of accessibility loans, lead-based paint issues, or where a serious health or
welfare conditions warrants a greater amount.
Completion Procedures
No loan will be considered complete until the following steps have been accomplished:
1. Inspection of the Property - All improvement work, as specified in the rehabilitation
work summary, will be inspected for completeness, conformity to specification and
quality of workmanship. The HRA will require completion or correction of any item
found lacking. Failure of a contractor to comply with such a request for completion
or correction of work is considered grounds for withholding payment.
2. Recording of the Repayment Agreement — The loan amount identified on the
Repayment Agreement will be the maximum loan amount the homeowner is entitled.
Once the Repayment Agreement is executed the agreement will then be recorded by
the HRA with the Registrar of Deeds or the Registrar of Titles.
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3. Completion Certificate - following the final inspection and successful completion of
work, the homeowner, inspector, and the HRA Administrator will sign a Completion
Certificate prior to any payment being made to a contractor.
THE REMAINDER OF THIS PAGE INTENTIONALY LEFT BLANK
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PART III: PROGRAM VERIFICATIONS/ DOCUMENTS
Pre -Approval Verifications
Income Verification
All sources of income listed on the application will be verified by the HRA. The
following is a list of acceptable forms of income verification evidence:
1. Written verification from employers or other income providers.
2. Copies of four recent checks or check stubs, which must include the year-to-date
earnings.
3. All applicants must submit complete federal income tax returns for the last three
years unless household income is not taxable.
4. Two most recent bank statements for checking and savings accounts.
5. Income derived from rent must be verified by the renter in writing or by examining
copies of checks or rent receipts.
The material used to verify income must not be more than 90 days old at the time of
approval. If the material is more than 90 days old, all income(s) must be re -verified
before an application can be approved.
Asset Verification
All assets listed on the application must be verified by the HRA. The following is the
only acceptable form of asset verification evidence:
1. Written verification from banks, insurance companies or other asset holders; and
2. Copies of bank statements, insurance policies, premium notices, financial statements
and the like.
The date of document used in verifying assets must not be more than 90 days previous to
the date of approval. If it is more than 90 days old, assets must be re -verified before an
application can be approved.
Mortgage Status Verification
The HRA will ensure that the mortgage(s) and/or contract for deed(s) on the property to
be improved are current. If payments are delinquent, the applicant must be given four
weeks to make them current. The date of the document used in verifying the mortgage
and/or contract for deed must not be more than 90 days previous to the date of approval.
If it is more than 90 days old, the mortgage status must be re -verified before a loan
application can be approved.
23
Title Verification
1. The following information will be obtained from the County Recorder regarding each
property:
a. The full name of all owners of record, exactly as they a ear on the title;
b. Whether it is Torrens or Abstract.
2. Upon obtaining this information, the HRA will determine that the applicant
individually or in the aggregate has a qualifying interest in the property consisting of
at least:
a. A valid life estate. Such life estate must be recorded and must appear in the
records of the County; or
b. A 113 interest in the fee title. Such interest may be subject to a mortgage; or
c. A contract for deed to the structure being improved.
3. In addition, the applicant(s) must occupy the property as the principal place of
residence. To consider a property the principal place of residence, an individual
must:
a. Reside in the property at the time of application (except where extraordinary
circumstances have made the property temporarily uninhabitable or in the case of
a disabled person or household member who is unable to move into the property
until needed accessibility modifications are made); and
b. Occupy or intend to occupy the property for at least 9 months of the year.
4. For the purpose of complying with ownership requirements, the borrower may
aggregate his/her interest in such property with the ownership interest of other
individuals occupying the property as their principal place of residence.
Pre -Construction Documents
Rehabilitation Application
The application must be filled out completely and signed and dated by the Applicant.
Individual Data Confidentiality
The applicant's rights as a subject of data are fully described in this form. One form
should be given to the applicant and a signed and dated copy should be included in the
file.
Property Inspection Report
1. This report must include the following items:
a. General condition of the structure
b. Structural soundness
c. Plumbing systems including: water supply, waste disposal, fixtures and piping
systems
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d. Heating systems
e. Electrical systems
f. Roof
g. Energy efficiency including: insulation, infiltration, windows, doors and
ventilation
h. General Exterior Conditions
i. General Interior Conditions
2. An explanation should be provided for any deficiency that appears on the inspection
report but does not appear on the rehabilitation work summary for correction.
3. The inspection report must be signed and dated by the inspector performing the
inspection.
4. Major infractions of the City building codes constituting a health and/or safety
hazard or seriously diminishing the habitability of the residence will be noted
and explained to the applicant.
Scope of Improvements and Work Proposal
This listing of all eligible improvements should be kept on file in case the homeowner
requires additional copies. Copies will be sent to the homeowner along with a mandatory
cover letter encouraging the consideration of minority or women -owned contractors and
including information on how to access such contractors. A copy of this letter will also
be included in the file.
The Scope should allow contractors the opportunity to submit alternates or amendments
to work items.
Rehabilitation Work Summary
The HRA, in conjunction with the homeowner, determines the work to be done with the
funds available. If the homeowner disagrees with the HRA's choice of improvements,
items may be waived by the homeowner, in writing, at the discretion of the HRA. The
rehabilitation work summary list includes:
1. The improvements to be done by item, and contractor perfoiming work and a
breakdown of costs by item and contractor.
2. The total cost of the work to be performed shall be listed. The maximum Ioan
amount shall not exceed the lesser of:
a. $-230,000.00; or
b. The actual cost of the work performed
EXCEPT when the project involves accessibility or lead based paint improvements,
where the maximum loan amount may be $440,000.00.
25
3. The HRA Executive Director may approve an additional loan amount of $5,000.00 if
the amounts authorized above are insufficient to bring the home up to minimum
property standards.
Contractor Proposals
The homeowner must obtain a minimum of two proposals for all of the authorized
improvements before work can begin. A Repayment Agreement must also be signed and
notarized before work start-up. All proposals must conform to the minimum standards of
the specifications. The lowest bid will be accepted unless customer specifies they are
paying the difference between the low bid and the high bid.
Work Contract
Work contracts will be completed between the contractor submitting the lowest
acceptable proposal and the homeowner. A copy of each proposal must be included in the
Work Contract and shall be completed within the time flame specified on the Work
Contract. The HRA may grant an extension as needed. If the contractor does not begin
or complete the work within the time frame specified, the work contract may be canceled
and a new contractor selected.
Amendment Request Certificate
This form outlines all changes in the approved loan amount, either additions or
subtractions, by each contractor. It must be signed by the contractor and the homeowner
and approved by the HRA. Every effort will be made to keep amendment requests to a
minimum; however, it is appropriate to use the amendment request as a means of dealing
with unforeseeable circumstances.
Sworn Construction Statement
Any firm or individual contracted to perform work on the residence must submit a sworn
construction statement prior to any work taking place on the property. The sworn
construction statement must list all subcontractors and/or suppliers contributing to the
work for which the invoice is being submitted and must be signed by the contractor
holding the Work Contact. The contractor's signature must be notarized. The purpose
of this form is to ensure that the contractor holding the Work Contract is liable for any
failure to pay subcontractors/suppliers involved in the project.
Acknowledgment of Receipt of Pre -Construction Documents
The applicant's file will contain a signed and dated receipt from the applicant,
acknowledging that the HUD approved information on the dangers of lead based
poisoning has been received. Also this acknowledgment states applicant received a blank
copy of a Work Contract, an improvement of work procedures form, a copy of the
Repayment Agreement, an individual data confidentiality statement, an authorization to
release information form and information on minority and women owned businesses.
W
Environmental Assessment
This form provides information pertaining to environmental assessment, historical
preservation, air quality, wetland protection, zoning classification, flood plain
management, hazardous facilities, noise, farmlands, and site source aquifers.
Repayment Agreement
The Repayment Agreement must be included in the loan package. As specified in the
provisions of the Repayment Agreement, the homeowner shall be required to notify the
HRA immediately upon the sale, transfer, conveyance or cessation of residency of the
property.
1. The Repayment Agreement provides that in the event that the improved property is
sold, transferred, or otherwise conveyed by the homeowner within the specified time
period, the homeowner would be required to pay the full amount of the loan within
ten (10) years from the date from the approval date of the application, if the property
ceases to be the homeowner's principal place of residence. Should the homeowner
retain the property longer than 10 years but less than 20 years, he/she shall pay an
amount equal to a 10% reduction each year after the 1 lth year until the 20`h
year when
the full amount is forgiven. The Repayment Agreement is a lien on the improved
property, in favor of the HRA, as security for the loan amount. In the event of the
death of the homeowner, this lien may pass to his/her heirs provided they continue to
occupy the property as their principle place of residence.
2. The HRA will exercise extreme care in the execution of the Repayment Agreement
document to ensure that the lien is valid. Any inaccuracy or omission may have a
negative effect on the validity of the lien.
Prior to the approval of the loan package the HRA must ensure that the Repayment
Agreement is properly completed in as much as:
a. The property description must be exactly as it appears in the property records. If
the applicant owns property other than the property to be improved, only the
description of the property to be improved should be included.
b. The record names (the names exactly as they appear in the property records) must
be used by all signatures required.
The following is a brief discussion of the signatures required under particular
property ownership situations:
a. Any JOINT TENANCY -- signatures of all joint tenants are required.
b. Property held by ONE SPOUSE --signatures of BOTH spouses are required.
c. Property held in LIFE ESTATE -- signatures of the applicant (life estate holder)
and all of the remaindermen.
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d. Property being purchased on CONTRACT FOR DEED -- signatures of the
applicant and all individuals who are aggregating their interest to meet the
ownership requirement; and the fee title holder (and spouse or others, as
applicable) of the property; and the signatures of any intervening vendees of the
contract for deed.
e. All required signatures must be notarized; including the "mark" of a signatory
who is unable to write (such a mark must be witnessed by at least two persons
other than the notary). Additional acknowledgments may be added to the
Repayment Agreement form to accommodate any necessary notarizations.
4. The Repayment Agreement will show the maximum loan amount. Should less than
the maximum loan be needed, the applicant will only be required to repay the actual
amount expended for improvements. An amendment to the Repayment Agreement
will need to be signed upon closure of the file where the exact dollar amount on the
original Repayment Agreement is not the actual amount used.
5. The Repayment Agreement and any Amendments to the Agreement shall be filed
with the proper recording office in such a manner as to create a valid lien against the
property. It is the responsibility of the HRA to record the Repayment Agreement,
6. If any loan funds are used for purposes other than an eligible improvement upon an
eligible property or if the homeowner application is found to contain a material
misstatement of fact, the homeowner shall be liable for repayment of all or part of the
originally approved loan funds. In addition, any fraudulent use of funds may subject
the recipient to fines and/or imprisonment under the Minnesota Criminal Code.
Post -Construction Documents
Contractor Invoices
Invoices must be obtained from each firm or individual contracted to perform work on
the residence (a general contractor can submit invoices on behalf of a subcontractor).
Invoices must be provided for all payments, interim or final. Invoices submitted to the
HRA must be originals and not copies. Payments are typically processed the following
Monday providing that the invoice was received by 4:30 pm on Wednesday.
Lien Waivers
A copy of all lien waivers referred to in the sworn construction statement, plus the lien
waiver fiom the contractor holding the Work Contract must be included in the file. The
original lien waivers, which must be secured before any payment is released, are to be
passed onto the homeowner following closeout of the file.
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Completion Certificate
The homeowner, inspector, and grant administrator should sign this form when the work
is completed. If the approval of more than one inspector is required, then copies of the
inspection notice(s) should be attached.
Complaint Record
This form should be used to document any complaints brought to the attention of the
HRA, pertinent to the administration/implementation of the program and the response of
the HRA to the complaint
Acknowledgment of Receipt of Post -Construction Documents
After work has been completed, this form would be sent to the homeowner with
documents such as the lien waiver(s) and copy of recorded Repayment Agreement. The
homeowner would acknowledge receipt of the documents and return the form to the HRA
for inclusion in client's file.
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PART IV: RULES
Lead Based Paint Hazard Requirements
The following procedure will be followed for all homeowners:
A. Discussion of the Lead Based Paint (LBP) requirements will take place at the initial
meeting with HRA staff as well as receipt of the Lead Hazard Information pamphlet.
The Certification of Receipt of LBP information will be signed by the applicant and
kept in the applicant's file.
B. The Rehabilitation Inspector will perform a visual assessment during the regular
rehab inspection. The Visual Assessment will identify the presence of any interior
and exterior deteriorating paint. The inspector will document the presence of any
deteriorated paint.
C, If deteriorated paint is found in a home built before 1978 and lead hazard reduction
work may be needed because painted surfaces will be disturbed during rehab, the
appropriate level of lead testing and other action will be initiated. The HRA can also
assume there is LBP and treat appropriately rather than test.
D. If further evaluation is needed, the HRA will contract with a certified Risk Assessor
to perform the necessary tests to determine if and where there is a lead hazard risk.
The Assessment report identifies the presence and location of LBP and the areas that
should be addressed. Costs of hiring a Risk Assessor can be rolled into the Rehab
loan.
E. If LBP is found, the homeowner will be notified of the presence and location of LBP
by the HRA. As a condition of receiving funding, LBP hazards must be addressed
and lead safe work practices will be required for all rehab work that disturbs painted
surfaces. Appropriate lead hazard reduction measures must also be incorporated into
the Scope of Improvements. Clearance of the unit will also be required. A copy of the
clearance reports will be given to the homeowner and kept in the homeowner's file.
Repayment of Assistance
Repayment of the deferred payment loan shall occur upon the earliest of:
Sale, transfer, or conveyance of the property
The property ceases for any reason to be the loan applicant's principal place of residence.
At the time of repayment, the HRA will prepare and execute a Satisfaction of Repayment.
The Satisfaction of Repayment will be sent to the Title Company (if one is involved in the
transaction), who will be responsible for recording the Satisfaction with the County. If a
Title Company is not involved the Satisfaction of Repayment will be sent to the homeowner
and it will be the Homeowner(s) responsibility to record the Satisfaction of Mortgage with
the County.
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Forgiveness of Indebtedness
Indebtedness of the principal shall be forgiven at a rate of 10% of the original principal
amount per year commencing at the end of the tenth year of the HRA loan. The loan will be
completely forgiven after the twentieth year. At the time of the forgiveness, the HRA will
prepare and execute a Satisfaction of Repayment. The Satisfaction of Repayment will be
recorded with Hennepin County by the HRA and a copy of the Satisfaction will be sent to the
homeowner.
Subordination Policy
A. The following information must be provided before a request for subordination can be
considered:
Current first mortgage balance, interest rate and tenn.
Proposed loan amount, interest rate and tern.
Reasons for new financing and use of proceeds by amount. If financing will be used
for home improvements, specific information on the proposed home improvements
must be provided.
Good Faith Estimate
Copy of appraisal
Most recent assessor's market value of property
Types and amounts of any other indebtedness on property. Including balance, rate and
term.
Date HRA loan was filed with County and document number.
Household's verified income and size.
Full name, address, telephone number, contact person and e-mail address of new
lender.
Date subordination agreement is needed (must be at least two weeks from the date of
the request).
B. Information provided will be analyzed to determine the appropriateness of subordination
of the HRA's mortgage. All of the following criteria must be met before subordination
can be approved:
All current and proposed property liens, including the Housing Rehabilitation Loan,
equal less than 95% of the appraised value of the property.
The subordination is necessary to refinance the principle balance of existing prior
liens on the property and will facilitate a rate reduction, term reduction and/or
principal reduction plus any costs to finance additional eligible home improvements.
No cash may be taken out as a result of refinancing. However, the fees incurred to
refinance will be an allowable expense.
All home improvements must be eligible under the Home Rehabilitation guidelines
and the homeowner is required to submit documentation of cost for all improvements
as a condition of the subordination.
The uses for the new financing must be justifiable as an appropriate use of public
funds to warrant subordination of the public funding.
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The household income of the homeowner must not be greater than 125 percent of
current CDBG maximum income guidelines.
The borrower(s) must correct any errors and omissions relating to their loan as a
condition of the HRA granting a subordination request. This requirement would
include but not be limited to documents that are not signed (but the intent was to have
them signed), documents with clerical errors and/or documents that are missing or
destroyed.
C. If the above criteria are not met, the HRA will not subordinate its mortgage. The client
will then need to obtain financing that is subordinate to the HRA's mortgage, pay-off the
HRA's loan as a condition of the new financing, obtain non -mortgage financing, or forgo
the additional financing.
D. Appeals regarding interpretation of subordination requirements may be made in writing
to the HRA's Executive Director and then to the HRA Board of Commissioners.
Requests for appeal, which clearly do not meet the subordination requirements, will not
be considered.
Targeted Funding
The HRA will also set aside a portion of the budgeted rehab funds to be used for Emergency
Repair Grants. The amount of funds will be set by staff based on anticipated demand for the
program and balance of rehab fund.
Modification and Termination of Program
The Plymouth HRA may amend the Procedural Guidelines from time to time by issuance of
revised pages, which shall be effective as of the date of issue, or such later date as the
amendment shall specify. Administrative memoranda may also be issued which discuss
policy interpretations, clarification of procedures and other administrative matters.
Additional Funding Requirements/ Provisions
Equity Requirement
The lien identified in the Repayment Agreement must be collectable. All existing
mortgages, contracts for deed, and other encumbrances, including the Repayment
Agreement, must not exceed 4-00110% of the market value of the property. Market
value will be determined by the most recent assessed value of the property. If the
homeowner has a current appraisal, the appraisal may be used to determine the market
value of the property if necessary to show sufficient equity.
The equity requirement may be waived at the discretion of the HRA Executive Director.
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Previous Rehabilitation Loans
No property shall be eligible for a housing rehabilitation loan if it has been improved
with a Plymouth HRA rehabilitation loan within the 10 -year period immediately
preceding the date on which application for such a loan is made. An exception may be
made in extraordinary circumstances from damage to the property as a result of events
beyond the control of the applicant or relating to health and safety concerns, such as
failure of plumbing, heating or electrical systems, or as determined by HRA staff. In
such circumstances, provided that funding is available, the applicant can receive
assistance limited to correcting the damaged or failed system(s) only. No other eligible
work can be carried out until the fall I0 -year period has elapsed.
Applicants with a previous rehab loan from over 10 years ago will be limited to essential
repairs such as correcting health and safety hazards or repair of major systems, such as
plumbing, electrical, or heating failure. Until the previous rehabilitation loan is forgiven,
no additional work will be allowed unless it is determined by IIRA staff to be essential,
Previous Foreclosures
Applicants will be determined ineligible for future assistance if they had a previous
Rehabilitation loan from the HRA in which the assistance they received was forfeited due
to foreclosure of the property within the previous 5 years. If the foreclosure occurred
over 5 years from the date of the new Rehabilitation application and the applicant has re-
established their credit from a reliable first-tier mortgage company, they may be
considered for eligibility to the loan program again.
Total Amount of Assistance
The total amount of assistance received through the Plymouth HRA for all HRA
programs including the Housing Rehabilitation, First Time Homebuyer, and Emergency
Repair Grant Programs cannot exceed $-340,000.
Current Ownership Payments
The homeowner must be current on all mortgage payments, property taxes, income taxes
and homeowner's association dues.
Home Maintenance and Housekeeping
Homeowner must be capable of maintaining the home. Loans will not be approved if the
condition of the home demonstrates that the homeowner is not able or willing to properly
maintain a home. This requirement includes housekeeping problems as well as neglectful
maintenance,
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Flood Insurance
The administering entity will comply with the flood insurance purchase requirements of
Section 102 (a) of the Flood Disaster Protection Act of 1973, Pub. L. 93-234, 87 Statute.
975, approved December 31, 1973. Section 103 (a) requires the purchase of flood
insurance in communities where such insurance is available as a condition for the receipt
of any federal financial assistance for construction or acquisition purposes for use in any
area that has been identified by the Secretary of the Department of Housing and Urban
Development as an area having special flood hazards. The phrase "federal financial
assistance" includes any form of loan, guarantee, insurance payments, rebate, subsidy,
disaster assistance, loan, or any other form of direct or indirect federal assistance.
Local Codes
Each improvement must be made in compliance with all applicable health, fire
prevention, building and housing codes and standards. However, no application for a
loan shall be denied solely because the improvements will not bring the property into full
compliance with all such codes and standards.
Further, when work is done on any system within the house, upon completion of the
work, that entire system must meet applicable codes and standards. The entire structure
may still contain other systems that are not up to applicable codes and standards, on the
condition that no work was done on these systems.
Federal, State and Local Regulations
Nothing in the Procedural Guide shall be construed in such a manner as to conflict with,
alter, or amend any Federal, State and Local regulations.
Certificntions
1. The HRA is legally authorized and constituted to administer the Housing
Rehabilitation Loan Program in the State of Minnesota.
2. No payments, fees or remuneration of any type whatsoever have been solicited or
received from any applicants or qualified homeowners.
3. After reasonable inspection, the HRA has no knowledge that any improvement
covered by the loan is in violation of any applicable zoning law or regulation.
4. Any employee of the City of Plymouth who is authorized to sign or countersign
checks, drafts or to certify vouchers shall be covered by a surety bond of not less than
1,000,000; such an employee must be an authorized signatory as evidenced by a
written instrument of the governing body.
5. The HRA shall maintain documentation accounting for all funds received through the
collection of liens as prescribed in the Repayment Agreement.
Prohibition of Service Fee Charges
No applicant shall be charged any application, processing, or other fee.
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Cost Reasonableness Standards
1. To ensure that cost reasonableness standards as outlined in OMB Circular A-87 are
complied with, all proposed work will be described in a Scope of Improvements (see
page 22) in such detail that competitive bids may be readily obtained. The Scope of
Improvements will specify brand, type, and/or quality of the materials to be used as
appropriate.
2. The HRA Inspector will use the Scope of Improvements when making inspections to
determine compliance with the Scope and City codes.
Additional Counseling/ Training Requirements
Credit Counseling
Those clients in need of credit counseling will be referred to Community Action
Partnership of Suburban Hennepin (CAPSH) in Hopkins. CAPSH is a non-profit 501c
3) community action agency serving Plymouth and a number of other west suburban
communities. Homeowners who appear eligible for one of MHFA's programs, but who
indicate they have a mortgage delinquency or other credit problems, will first be
encouraged to participate in a credit counseling program.
After credit problems have been satisfactorily resolved, the deferred loan applications can
be forwarded to Hennepin County Housing, Community Works and Transit for eligibility
assessment of MHFA programs.
Applicants for MHFA's Fix -Up Fund and Deferred Loan Program will be referred to a
local lender. All applications rejected for MHFA funding may be eligible for City
assistance according to CDBG guidelines. IIomeowners unwilling to pursue counseling
assistance or who are unwilling to resolve existing credit issues independently will find
City funding restricted to certain essential improvements. Funding for these applicants
would be limited to the following repairs in the priority given;
1. Emergency health and safety.
2. Public sewer and water hook-up.
3. Major structural work, where the home's structural integrity (i.e. foundation, beams,
walls and roof) is compromised and is in need of prompt repair to prevent fiirther
damage or deterioration to the home.
4. Major internal systems (i.e. plumbing, heating, water, electrical) that are functional
but need replacement or upgrading under current code requirements. Other code
violations
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Home Maintenance and Weatherization Training
Clients in need of this training will be urged to attend, as classes are available. Funding
may be restricted to the essential improvements sited above for clients who are unwilling
to attend these or other workshops sponsored by Community Action Partnership of
Suburban Hennepin (CAPSH).
Human Service Counseliniz
Clients in need of counseling will be referred to appropriate human service agencies for
assistance. If the client refuses the referral and staff determines counseling is required in
order to allow the rehab to proceed, no further assistance will be allowed.
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APPENDIX A: DEFINITIONS
Accessibility Improvements
Improvements to a dwelling, designed to enable a disabled person to function
independently in a residential setting, such as provisions for adequate space for
maneuvering, access and egress, (both in exterior and interior spaces), and installation of
equipment to facilitate ease of use.
Applicant
An individual or household submitting an application for a loan
Application
The form used to request assistance for the City of Plymouth's Housing
Rehabilitation funds.
Assets
Cash, bank accounts, bonds and cash value of insurance policies, cash value of
recreational vehicles and any other personal property excluding automobiles, clothing
and furniture.
Calculation of Need
The calculation derived by dividing the total of fixed monthly expenses by the gross
monthly income. If greater than 55% the homeowner is eligible for a Housing
Rehabilitation Deferred Loan.
Calculation of Need Form
The form based on similar information and calculations as developed by the Minnesota
Housing Finance Agency in the use of their Rehab Loan Program and funding guidelines.
CASPH
Community Action Partnership of Suburban Hennepin. A non-profit agency working in
all of Suburban Hennepin County to assist low-income people with services to
individuals through outreach, energy assistance programs, homeownership services and
financial counseling.
CDBG
The Community Development Block Grant Program, an annual entitlement program
provided to the City of Plymouth through the U.S. Department of Housing and Urban
Development (HUD)
City
The City of Plymouth
CEE
The Center for Energy and Environment, a non-profit agency that administers Reliant's
Weatherization Assistance Program.
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Date of Loan Approval
The date all required parties sign the repayment agreement.
Disabled Person
A person who has a permanent physical condition which substantially impairs the ability
to function independently in a residential setting, or which substantially limits the ability
to become employed or to participate in the community. A person with a condition such
as chronic emphysema, arthritis, heart disease and other "invisible" conditions not
requiring the use of devices to increase mobility shall not be deemed a handicapped
person, unless a licensed physician verifies in writing that a particular condition does
substantially limit the ability to function independently in a residential setting, to become
employed or to participate in the community.
Elevated Blood Level
A lead content of 10 ug/dl (micrograms per deciliter) with a lead content of 20 ug/dl
micrograms per deciliter) in one test triggering an inspection.
Emergency Situation
A condition requiring immediate and urgent attention, which threatens or imperils the
health and/or safety of the applicant household, such as the failure of plumbing, heating
and elechical systems or a system being "red flagged" by a utility company. The written
opinion of the City Building or Housing Inspector detailing a code or safety violation or
violations may, at the discretion of the Housing Specialist, be an acceptable definition of
an emergency situation.
Guidelines
The set of standards, criteria, and specifications to be used in administering the Program.
Hennepin County Housing, Community Works and Transit
The Hennepin County Housing, Community Works and Transit; a Hennepin County
agency that processes MHFA housing. rehabilitation loans.
Household
All persons residing in one housing unit; which may include one or more families, a
single person, a married couple, or two or more unrelated persons.
Household Gross Income
The annual income of all residents of the applicant's household, as determined in
accordance with these guidelines.
Housing Rehabilitation Deferred Loan
The commitment of funds on behalf of qualified homeowners for the purpose of making
eligible improvements to eligible properties.
HRA
The Housing and Redevelopment Authority in and for the City of Plymouth, Minnesota;
which administers Plymouth's Housing Rehabilitation Program.
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E UD
The United States Department of Housing and Urban Development. The principal
Federal agency responsible for implementing certain federal housing and community
development programs.
Lead Based Paint
Any paint surface with lead content greater than, or equal to, 1 mg/cm2, 0.5% by weight,
or 5,000 parts per million.
Loan Process
Consists of all applicable documents listed as follows:
Homeowner Application for Deferred Loan
Authorization to Release Information
Individual Data Confidentiality
Lead -Based Paint Poisoning Notification (if applicable)
Federal Income Tax Returns for the two previous years
Income Verification
Asset Verification
Recent Bank Statements
Mortgage Status Verification (if applicable)
Association Dues Status Verification (if applicable)
Title Verification
Property Inspection Report
Scope of Improvements/Work Proposal
Contractor Bids
Work Contract
Amendment Request Certificate (if applicable)
Contractor Bills
Sworn Construction Statement
Lien Waivers
Completion Certificate
Data on Individual Loans
Repayment Agreement
MHFA
The Minnesota Housing Finance Agency; a Minnesota State agency that administers a
variety of housing rehabilitation loan programs.
Mortgage
The conveyance of an interest in real property given as security for the payment of a loan.
Program
The HRA's Housing Rehabilitation Program
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Homeowner (borrower)
An individual or household meeting the requirements of the Eligible Recipients section
who receives a loan.
Repayment Agreement
A document that places a lien against borrower properties improved with program funds.
The precise terms of the lien are spelled out in the Repayment Agreement.
Resident
A person, other than a renter, living in the household for at least nine months of the year.
Satisfaction of Repayment
A document releasing a Mortgage lien, indicating the borrower has paid the debt in full.
Work Contract
A program document executed by the borrower and the contractor which establishes the
terms and conditions under which program funded work will be carried out. The IIRA is
NOT a party to the contract.