Financing Rehabilitation Projects

Since financing rehabilitation projects are often expensive endeavors for families, cities that want to encourage residential remodeling should look at ways to assist residents in finding the necessary funding. Rehabilitation projects have a beneficial effect on their neighborhoods and can help improve the way others see the community.

Residential Financing Checklist

This checklist is a guide for governments that are considering assisting homeowners in obtaining financing for remodeling. A community does not have to act on every item, but it should consider each item.

• Is the city’s local financial community prepared to make loans for residential rehabilitation?
  • City officials should meet with the local financial community to discuss the availability of rehabilitation and remodeling loans.
    • Are these loans available to most residents in the city?
    • Is there anything that the financial community thinks the city should do to encourage more residential remodeling?
• Does the city make funding available to residents through low-interest loans and grants?
  • List available city programs.
  • Is the city interested in providing a greater level of financing assistance?
  • Programs that are available
• Does the city provide any other kind of incentives to homeowners to encourage remodeling, such as tax incentives?
  • List existing city programs.
  • Is the city interested in providing a greater level of incentives to home rehabilitation?
  • Financing programs
• Is the city helping residents, nonprofits and developers learn about local state and federal programs to assist with home rehabilitation?
  • Consider making resource information available to homeowners and other parties.