After assisting five homeowners and awarding a total of $45,800 in home improvement loans in its first round, the Residential Exterior Housing Improvement Loan Program is again open for applications. The funding is available on a first come; first serve basis until funding is exhausted.
Established this year using money from the American Rescue Plan Act (ARPA), Troy’s Residential Exterior Housing Improvement Loan Program helps qualifying homeowners improve the exterior of their homes. The program is intended to increase property values, invest in the aesthetics of the city, and assist residents in meeting the City’s property maintenance codes. It also expands upon Troy’s successful Community Housing Impact and Preservation (CHIP) program, which has assisted income-eligible homeowners in resolving safety and structural issues in their homes.
These loans to eligible homeowners can assist with funding a number of exterior home improvements, such as the repair or replacement of roofs, gutters, downspouts, siding, windows, doors, porches, chimneys, foundations, ADA ramps, and garages. Exterior painting also qualifies for this program if paired with another qualified activity. Homes eligible for the program must be 15 years old or older, and must be owner-occupied. Rental properties and multi-family households are not eligible.
The Residential Exterior Housing Improvement Loan Program provides three funding options, based upon household income, to qualify for financial assistance. A funding match will be required for most applicants, but those under a certain income level will see a lower required match and lower interest rate. Check the tables below for income-based program guidelines.
Guidelines | Troy Program Option 1 | Troy Program Option 2 | Troy Program Option 3 |
Income Limits | 80% or less of HUD (&CHIP funds are not available) | Income Limits 80.1%-99.9% of HUD Income Limits | Greater than 100% of HUD Income Limits |
Minimum Loan | $5,000 | $5,000 | $5,000 |
Maximum Loan | $20,000 | $40,000 | $10,000 |
Interest Rate | 0% | Current Prime Rate | Current Prime Rate |
Loan Terms (fixed) | 10-year non-forgivable loan | 10-year non-forgivable loan | 5-year non-forgivable loan |
Match Required | No Match | 25% Match Required | 50% Match Required |
For more information about the Residential Exterior Housing Improvement Loan Program, visit https://www.troyohio.gov/DocumentCenter/View/6868/Residential-Exterior-Housing-Improvement-Loan-Program-Guidelines-2022. To apply, contact Nikki Reese at 937-339-9601 or nikki.reese@troyohio.gov.