News Flash


Posted on: January 14, 2022

Residential Exterior Housing Improvement Program Launched


The City of Troy is proud to announce a new residential loan program available to Troy homeowners. The newly-established Residential Exterior Housing Improvement Loan Program will help 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.

Troy’s City Council authorized the Residential Exterior Housing Improvement Loan Program last year, setting aside money from the American Rescue Plan Act (ARPA) to establish the loan fund. Said Mayor Robin Oda, “This loan program will provide an ongoing investment in Troy's housing stock, and will help residents maintain and improve their property values. As loan repayments are made, the City will reinvest that funding back into the loan program.”

The new loan program provides loans to homeowners for exterior home improvements through a number of eligible activities, such as the repair or replacement of roofs, gutters, downspouts, siding, windows, doors, porches, chimneys, foundations, 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. 


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




Maximum Loan




Interest Rate


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, click here. To apply, contact Nikki Reese at 937-339-9601 or

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