Transformation Home Loans

*2024 Application Update (1/03/24)*
The 2024 Transformation Loan application period is now open. Applications will be accepted on a first-come, first-serve basis and application review may take up to 4-6 weeks. Please contact a Housing Specialist with any questions at 612-861-9778 or HouseSpecialist@richfieldmn.gov 

Forgivable Interest-Free Loans for Large Remodeling Projects

635816297030400000345The Transformation Home Loan program offers homeowners a financial incentive to help pay for large remodeling projects (valued at $50,000+). 

  • Borrow 15% of the project cost, with a maximum loan limit of $25,000
  • No income limits, no payments, no interest
  • For owner-occupied, single family homes
  • The loan is due upon sale of the home or is forgiven after 30 years

See Slideshow of Transformation Home Loan Projects Here

TO APPLY:


Questions about the loan or application process can be directed to the Housing Specialists at HouseSpecialist@richfieldmn.gov or (612) 861-9778