Case Study: Richfield Transformation
Transformation Homes is a Richfield Housing and Redevelopment Authority (HRA) loan program to encourage large-scale renovations with the goal of neighborhood preservation. To be eligible for funding the renovation must be valued at $50,000 or more. The program provides a zero percent interest, 30-year deferred loan that covers 15 percent of total project costs, up to $15,000.
A “home transformation” means a major home remodel, which increases its livable space and its value. Residents who know the benefits of the community are choosing to adapt their existing homes to meet their current needs. The Transformation Homes Loan was developed to provide incentives for homeowners or homebuyers in Richfield to begin major remodeling activity.