Transformation Loan Program guidelines and funding
Summary
At the follow-on EDA meeting, the board approved revised guidelines raising income limits to 200% of area median income (250% for projects adding ADUs, duplex conversions, or accessibility/energy upgrades) and capping standard project costs at $200,000, so the loan incentives actually influence whether projects happen.
At a glance
- Total mentions
- 2
- Last 30 days
- 0
Last discussed Jul 20, 2026.
Impact analysis
Loans target projects up to $200,000 in cost, with the fixed loan amount calibrated to remain an effective incentive.
Homeowners undertaking major remodels, especially those adding rental units, accessibility features, or energy improvements.
Potentially, lower-income single homeowners if strict proposed income limits are adopted unchanged.
Mentions & discussions (2)
Housing and Redevelopment Authority - Jul 20, 2026
At the follow-on EDA meeting, the board approved revised guidelines raising income limits to 200% of area median income (250% for projects adding ADUs, duplex conversions, or accessibility/energy upgrades) and capping standard project costs at $200,000, so the loan incentives actually influence whether projects happen.
Economic Development Authority - May 18, 2026
Richfield's Transformation Loan helps homeowners pay for big remodels — over $50,000 — with a no-interest loan worth 15% of the project (up to $25,000). The EDA approved an extra $17,500 this year to fully fund the last 2026 applicant, but held off on rule changes after concerns the proposed income limits could exclude single homeowners and small households.
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