Section 16a-40b-9 - Loans and loan guarantees for residential structures of more than four dwelling units(a)Income Limits. There shall be no income limit for eligible persons under this section. The Commissioner shall, however, give preference, through reduced interest rates or other means, to applications for loans for structures which are occupied by persons of low or moderate income. Standards for low or moderate income shall be established by the Commissioner. The Commissioner shall consider, but not be limited to, the following statistics in making this determination: poverty level statistics as determined by the Department of Health and Human Services and median income statistics as determined by the United States Department of Housing and Urban Development.(b)Loan Limits. The loan shall not be more than one thousand dollars ($1,000) multiplied by the number of dwelling units in each structure, provided no such loan shall exceed thirty thousand dollars ($30,000). If the cost of the energy improvements exceeds this amount for a structure containing more than thirty dwelling units, the eligible person shall include in his application a commitment to make comparable energy improvements to all dwelling units in the structure in addition to the thirty units which are eligible for the loan.(c)Term. The term of the loan or loan guarantee shall not exceed ten years.(d)Interest Rates. A range of interest rates payable on loans made under this section shall be established by the Commissioner.(e)Underwriting.(1) Savings/Payment Ratio. The energy conservation improvement financed by this loan must result in net savings, as projected by a technical energy audit performed according to standards set by the Office of Policy and Management, at least ten percent (10%) greater than the energy loan monthly payment. In the case of multiple improvements, the net savings is the sum of the normalized savings from individual measures as projected by a technical energy audit. In the case of inoperable heating systems, no technical energy audit shall be required and the energy conservation improvements shall be considered cost effective in order to determine the net savings.(2) Credit. All mortgages on the building to be improved must be current and show a satisfactory payment history. If other credit is not satisfactory, arrangements for payment must be made. At the option of the Commissioner, an eligible person may be required to submit evidence that, for the property to be improved, property taxes are current.(f)Loan Security. Pursuant to Section 16a-40b of the Connecticut General Statutes, the State shall have a lien on each property for which a loan has been made in order to ensure compliance with the terms and conditions of such loan.(g) The Commissioner may employ the criteria in this section of these regulations to provide loans to owners of residential structures which contain four or less dwelling units which share common property with other multi-unit structures so long as the aggregate number of units on the property is more than four.Conn. Agencies Regs. § 16a-40b-9