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 2nd mortgage for home improvement projects of an owner-occupied property.  Loans are repayable over a 10-year term and can range from $10,000 to $40,000. 

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 $135,000 
  • 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 $40,000)
  • 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