Property Improvement Loans. Eligible applicants may apply for assistance to make improvements to affordable housing. Loan proceeds may be used for the following activities: - infrastructure improvements - building or home renovation and rehabilitation - energy and water efficiency measures Amounts of loan requests for property improvement loans will not exceed $835,000 or 95% of total activity cost. Terms of the loans will not exceed 40 years. Interest rates will be between 0.00% and 8.00%. APPLICATION PROCEDURES NeighborWorks Montana will accept loan applications on an open-cycle basis when funds are available. Completed loan applications may be mailed to NeighborWorks Montana PO Box 1025, Great Falls, MT 59403 or delivered via email to xxxx@xxxx.xxx. Applicants will work with NeighborWorks Montana Real Estate Lending staff to ensure appropriate application materials are submitted based on project and financing type. Applications will be reviewed and analyzed by the NeighborWorks Montana Real Estate Development and Acquisition committee on a “first come, first served” basis, as determined by the date that the full application is found to be complete. Applicants should be aware that in most cases it will take two to four weeks before funds will be received after the decision has been made to award funds. LOAN REVIEW PROCESS The Loan Review Committee is comprised of members of NeighborWorks Montana’s Real Estate Development and Acquisition Committee who include NeighborWorks Montana board members and non-board members who at present consist of stakeholders including representatives from finance, business, economic development, and non-profit partners. This makeup allows for replacement by appointment from the NeighborWorks Montana board of directors. The Committee will review each application for compliance with program objectives and loan fund criteria. Each application will be evaluated separately on a first-come first-served basis. Should requests for funds exceed funds available, applications that are deemed to represent a likelihood of broadest impact will receive the most favorable review.
Property Improvement Loans. For property improvement loans, the insur- ance claim payment shall be 90 percent of the following amounts:
(1) The unpaid amount of the loan ob- ligation (net unpaid principal and the uncollected interest earned to the date of default, calculated according to the terms of the note executed for any loan application that is approved prior to the effective date of these regulations, and calculated according to the actu- arial method for all loans for which loan applications are approved on or after the effective date of these regula- tions). Where the lender has proceeded against the secured property under
(a) (2), the unpaid amount of the loan obligation shall be reduced by the proceeds received from the property’s sale or disposition, after deducting the following:
(i) The balances due on any obliga- tions senior to the Title I loan obliga- tion; and
(ii) Xxxxxxxxx and reasonable ex- penses for foreclosure and disposition, as determined by the Secretary. sfrattini on LAPCK6H6L3 with DISTILLER
(2) Interest on the unpaid amount of the loan obligation from the date of de- fault to the date of the claim’s initial submission for payment plus 15 cal- endar days, calculated at the rate of seven percent per annum. However, in- terest shall not be paid for any period greater than nine months from the date of default.
(3) The amount of uncollected court costs, including fees paid for issuing, serving, and filing a summons.
(4) The amount of attorney’s fees on an hourly or other basis for time actu- ally expended and billed, not to exceed $500.
(5) The amount of expenses for re- cording the assignment of the security to the United States.
