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Neighborhood Reinvestment Fund

The City of Woodbury Housing and Redevelopment Authority (HRA) has made low-interest home improvement loans available to encourage improvements in Woodbury’s neighborhoods. 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. 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. 

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Read about a resident's experience with the Neighborhood Reinvestment Fund in the July 2020 City Update special report.

Questions?
Contact Karl Batalden, community development coordinator, at 651-414-3438 or karl.batalden@woodburymn.gov

Contact
NeighborWorks Home Partners
Home Improvement Team
651-292-8710 | fixup@nwhomepartners.org

Borrower Eligibility

Disbursement Process

Eligible Improvements

Application Process

Costs and Completion