Revitalization Loan Program Qualifications

1. Applicant must be a property owner within the corporate limits of the Town of North East.
2. Loan funds must be used to make visual improvements to the exterior of the structure.
   • Landscaping will be limited to the commercial district.
3. Loan applications will not be accepted for improvements that have been completely or partially completed.
4. Loan applications will be completed and accepted only in the name of the property owner.
   • The credit application will assess the applicant’s ability to repay and credit worthiness.
5. The completed application must be accompanied by a credit report dated within the last thirty days from one of the following agencies: Equifax, TransUnion, or Experian.
6. Loans will be dispersed at favorable interest rates and will be at a maximum of 80% of the prime rate.
   • The maximum loan amount will be ten percent (10%) of the assessed value of the total land and improvements as found on the Maryland Department of Assessments and Taxation Real Property Data Search as of July 1st of the year the application is received; the minimum loan will be $500.
   • The term of the loan will be six (6) to forty-eight (48) months, depending on the ability to repay.
7. Loan Approval – The following conditions apply:
   • The primary goal of loan approval will be to replenish the Revitalization Fund and to structure the loans with re-use of the funds in mind.
   • Loans will be funded on a first come first served basis, based on availability to funds.
   • Loans approved will not be processed until all permits and the Mayor and Commissioner have issued certificates, in addition to approval.
   • Improvements described in the application can not begin prior to settlement of the loan.
   • Settlement of the loan must occur within 90 days of the approval of the Mayor and Commissioners.
   • A 5% late fee will be assessed on any payment that is more than 10 days late.
   • In the event the property should transfer, the loan becomes payable in full prior to settlement of the property.
   • If improvements described on the application are not completed within 120 days of loan approval, the loan becomes due and payable.
   • Extensions will be reviewed on a case-by-case basis. Payments will be made based upon completion of the work within 120 days.