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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.
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