Minn. R. agency 148, ch. 4900, HOME IMPROVEMENT LOANS, pt. 4900.0520 - ELIGIBILITY REQUIREMENTS FOR HOME IMPROVEMENT LOANS
Improvements made with home improvement loan proceeds shall satisfy the following requirements:
A.
Improvements may be made in order: to comply with applicable state, county, and
municipal health, housing, building, fire prevention, and housing maintenance
codes, or other public standards applicable to housing; or to make the property
more desirable to live in; or to increase the market value of the property; or
to make the property more habitable; or to make the property more accessible to
a person with a disability as provided in parts
4900.0710 to
4900.0740.
B. Each improvement must be a permanent
general improvement. Permanent general improvements shall include additions,
alterations, renovations, or repairs upon or in connection with existing
structures, which materially preserve or improve the basic livability, safety,
or utility of the property. Permanent general improvements shall not include
materials, fixtures, or landscaping of a type or quality exceeding that
customarily used in the locality for properties of the same general type as the
property to be improved.
C. Each
improvement must be made in compliance with all applicable health, fire
prevention, building, and housing codes and standards; provided, however, that
no application for a home improvement loan for property occupied by the owner
shall be denied solely because the improvements will not bring such property
into full compliance with all such codes and standards.
D. Home improvement loan proceeds shall not
be used for the payment, wholly or in part, of assessments for public
improvements; provided, however, that such proceeds may be used for
improvements which will bring an individual sewage disposal system (including
septic systems) located on the property into compliance with local, state, or
federal environmental and sanitary standards.
E. All contracts covering all or any portion
of an improvement must contain an MHFA approved warranty of construction and
materials.
Notes
Statutory Authority: MS s 462A.06
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