Neighborhood Reinvestment Fund

How it works

The City of Woodbury Housing and Redevelopment Authority (HRA) runs this low-interest home improvement loan program to remove blight, encourage home renovation, and increase home values in the city. The city says the program is currently on hold, and no new applications are being accepted right now.

What the money covers

Eligible improvements include home renovation that remedies a code violation, plus exterior improvements such as new roofs, siding, and windows. The city also says interior improvements that would increase the value of the home may qualify.

Amounts and matching

Loans are available for up to $40,000. The city also says these are low-interest loans, but it does not state the interest rate on the page.

How to apply

The page directs homeowners to the NWHP website for an application and list of required documents. Completed applications are processed first come, first served when funds are available, until all program funds are committed.

Timing and deadlines

This program is currently on pause, so there are no open application dates right now. After loan approval, the homeowner is contacted for closing and must sign a Note and Mortgage. Work must be completed within 120 days of loan closing, weather permitting.

Other homeowner costs

The borrower pays the Washington County recording fee and prepaid daily interest. The borrower also pays the credit report fee at application and a $25 processing fee after the loan estimate is provided. Contractors must be properly licensed when required, and permits must be obtained when required by city code. If the final project cost exceeds the loan amount, the borrower must cover the difference, and the borrower’s contribution must be paid before loan funds are released.