Richfield Rediscovered Credit Program
*Update: all 2022 program funds have been committed and we will not be able to take applications until there is more funding available in 2023.*
You can find your own substandard property on which to build your new home and earn a $50,000 credit from the City of Richfield.
To qualify as substandard, a property is reviewed by a third-party inspector and will typically have some of these characteristics:
- Irregular or illogical floor plans
- Significant structural issues
- Health or safety hazards.
Once the property is deemed substandard, and the credit is approved by the HRA, demolish the existing building, and build a new home that meets program guidelines:
- Must be owner-occupied
- Provide at least 3 bedrooms, 2 baths, and a 2-car garage
- Design complements the existing neighborhood
Suggested program Timeline:
- Meet with City staff about the program.
- Select a builder and develop preliminary plans.
- Locate a potential substandard property. Contact City staff for a preliminary determination. Secure a purchase offer contingent on approval from the Richfield HRA.
- Fill out and turn in a preliminary application and application fee. City staff will then order a substandard inspection of the property.
- Once the house is deemed substandard, continue assembling your application packet.
- Meet required deadlines for a complete application. Once an application is complete, your application will be placed on the agenda for approval at the monthly HRA meeting. Once approved by the HRA, building permits may be issued.