Case Study: Woodbury Loan Fund
The City of Woodbury created a home improvement loan fund specifically to remove blight, encourage home renovation and increase home values. Low-interest loans of up to $25,000 are available to qualified families who earn no more than 80 percent of area median income. This figure currently stands at $64,000 for a family of four. Eligible improvements include home renovation that remedies a code violation as well as property improvements that would increase the value of the home. Examples include basement remodeling, deck replacement, home additions and general home remodeling. Also eligible are any improvements that address health and safety, habitability, energy conservation or accessibility. Ineligible improvements include recreational or luxury improvements, working capital, payment for owner’s labor, debt service or refinancing existing debts.