Transformation Home Loan


2023 Program Update: Funds are no longer available for the Transformation Home Loan. Application material for 2024 funding will be posted to the website the first week of January, 2024. Contact a Housing Specialist if you would like to be added to a waiting list should additional funds become available in 2023: 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:

ARE YOU INTERESTED IN AN ACCESSORY DWELLING UNIT (ADU)?
In late 2019, the EDA launched an effort to encourage the creation of Accessory Dwelling Units in Richfield. The ADU Pilot Project falls within the program guidelines of the Transformation Home Loan, but offers a larger incentive to projects that include an ADU.  Funding up to $35,000 is available for zero percent interest, no payment loan. 
More information on the ADU Pilot Project can be found here. 


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