NRI Existing Rehab Program
What is it?
The Existing Rehab Program encourages revitalization in older neighborhoods by providing existing homeowners with a low-interest loan for significant home improvements.
What's the incentive?
Low interest second mortgage at 3.5% for home improvement projects of an owner-occupied property. Loans are repayable over a 10-year term and can range from $10,000 to $50,000.
Is my house eligible?
- Must be owner-occupied
- Must be located in the NRI area
- Cannot be located in 100 year floodplain
- Assessed value must be less than $150,000
- Must be at least 40 years old
- Must have a minimum of two legal bedrooms after the rehab work is complete
- Must require "significant" rehab ($10,000 to $50,000)
- Proposed rehab work must add to the long-term value and life of the property and neighborhood
How do I begin?
- Download the Home Improvement Loan Application and develop a scope of work for the project.
- Submit completed application and scope of work to the Planning Department.
- Develop the rehab project in conjunction with city staff.
- Close on the loan.
- Start rehab project.