RCA Home Improvement Loan Program

Applications are now being accepted for the RCA Home Improvement Loan Program. The City of Woodbury has entered into a Regional Contribution Agreement, under which they receive funding to provide housing rehabilitation, deferred payment, no interest loans for income eligible homeowners, and landlords of one to four unit homes, throughout the City (excluding the Neighborhood Preservation Program target area). Neighborhood Preservation Program Map

The purpose of this loan program is to rehabilitate homes occupied by low and moderate income households. Both the home and the owner-occupant need to meet eligibility criteria, as set forth below.

Eligibility Criteria For Single-Family, Owner-Occupied Homes

The home must need repair or replacement of at least one of the following systems: roof, plumbing, heating, electrical, weatherization or structural. All code deficiencies in the home must be corrected with the loan, which must be a minimum of $10,000.00 and cannot exceed $20,000.00. The loan must be repaid in full, with no interest, at the time the home is sold or the title is transferred. In the event of the death of the owner-occupant, the loan shall be due and payable, unless the person inheriting the property is income eligible and personally occupies the home. Applicants must be current in their property tax, water and sewer payments. Applications will be processed on a first-come, first served basis; those who cannot be funded immediately will be placed on a waiting list.

The homeowner’s total, annual gross household income must be at, or below, the following limits, to qualify (based on the total number of persons living in the home):

HOUSEHOLD SIZE TOTAL GROSS ANNUAL INCOME
1 - $43,568
2 - $49,792
3 - $56,016
4 - $62,240
5 - $67,219
6 - $72,198
7 - $77,178
8 - $82,157

Eligibility Criteria For Owners Of One To Four Unit Rental Properties

1. The home must need repair or replacement of at least one of the following systems: roof, plumbing, heating, electrical, weatherization or structural
2. The tenant family(ies) must be certified as low or moderate income based on the income limits shown here.
3. The loan amount will be either $10,000.00 maximum per unit, or 50% of the repair costs, whichever is less. The landlord must provide at least a 50% match to all loan amounts. The loan must be repaid in full, with no interest, at the time the home is sold or the title is transferred.
4. A ten year deed restriction will be executed for each assisted unit. The deed restriction will control the tenant rent and tenant eligibility for 10 years, insuring that the unit remains affordable for low and moderate income families for ten (10) years.

An application can be downloaded here, or can be picked up in the Neighborhood Preservation Program Office at City Hall, 33 Delaware Street. For further information you may contact the Program Coordinator, Virginia Horn by phone or e mail, at 845-1300, ext. 123 or vhorn@woodbury.nj.us.

RCA Home Improvement Loan Application download:

• Homeowner
• Landlord and Tenant