Spring is here, the snow is gone and some homeowners may notice that their roof needs to be replaced, their siding is in need of repair, or their home requires updated windows. Home improvements can be costly and Woodbury wants to ensure that property owners have access to resources to keep their homes in good condition both now and in the future. An increased focus on neighborhood investment and reinvestment will ensure the City ages gracefully and that the existing housing stock continues to meet the high standards the community is known for.
After reviewing our community’s needs, city staff worked on restructuring an existing loan program offered through the Woodbury Housing and Redevelopment Authority (HRA). At their Dec. 12, 2018 meeting, the City Council, seated as the HRA, approved the conversion of the Home Improvement Fund into the Neighborhood Reinvestment Fund.
The creation of the Neighborhood Reinvestment Fund provides Woodbury with an opportunity to use the “R” in HRA; the program focuses redevelopment via reinvestments. Loan details include:
- $40,000 maximum loan amount
- 3.00 percent interest rate
- $390,000 maximum property value
- $126,000 maximum household income
All loan applications will continue to use the same quality control and underwriting processes that have resulted in a loan pool default rate of less than one percent.
Learn more and apply