Neighborhood Reinvestment Fund

  1. Overview
  2. Eligibility
  3. Disbursement Process
  4. Application Process
  5. Costs & Completion


The objective of the Neighborhood Reinvestment Fund Program is to remove blight, encourage home renovation and increase home values in the city. Low-interest loans of up to $40,000 are available to income-qualified households who earn no more than $146,000.

Read about a resident's experience with the Neighborhood Reinvestment Fund in the July 2020 City Update Special Report (PDF).

Eligible & Ineligible Improvements

  • Eligible improvements include home renovation that remedies a code violation as well as exterior improvements such as new roofs, siding, windows or interior improvements that would increase the value of the home.
  • Also eligible are any improvements that address health and safety, habitability, energy conservation or accessibility.
  • Ineligible improvements include recreational improvements, working capital, payment for owner's labor, debt service or refinancing existing debts.

The City of Woodbury Housing and Redevelopment Authority (HRA) has made low-interest home improvement loans available; current available dollars for loans are based upon the fund balance for any given period. The maximum loan amount is $40,000. Minimum loan amount is $2,000.

Interest Rates & Mortgage

The interest rate will be below market rate, and the monthly payment will be fixed. Maximum loan term is 15 years. Loan is due upon sale, transfer of title, refinance or if the property ceases to be owner-occupied. All loans will be secured by a mortgage in favor of the Woodbury HRA. The loan may be secured in a subordinate position behind other loans. Borrowers aged 65 or older or who are military veterans shall receive a discounted rate.

All loans will be secured by a mortgage in favor of the Woodbury HRA. Applicant will be required to obtain title insurance on this loan for the Woodbury HRA, if the loan amount is in excess of $5,000.