Owning a home can be one of life’s most satisfying experiences. Over time you can make renovations and upgrades that express your unique tastes and personality. Home improvement projects can be expensive, however, and you may have to consider home improvement financing. As you explore various loan and credit options, don’t forget to check out availability of local government financing for home improvements.

Local Government Finance Basics

Local governments care a great deal about the condition of the homes in their jurisdictions. When homes in a particular neighborhood are attractive and in good condition:

• A desirable neighborhood brings more revenue to that local government to maintain that community and to help it improve and grow over time.
• Home values rise, bringing in higher property tax revenue.
• More people want to live in that city or neighborhood, encouraging new home construction and local business expansion.

Since it is in the interest of local governments to keep homes at their best, home improvement loans and grants are offered by many cities, states and towns.

Read on to learn about some excellent plans offered by local governments to help cover home improvement costs. You can contact your local government offices to find out what programs are offered in your area.

Chicago’s Neighborhood Housing Services (NHS)

Residents of Chicago and Elgin, Illinois can apply for fixed-rate home improvement loans though Neighborhood Housing Services. These loans help homeowners to make improvements that improve their homes’ desirability, efficiency and safety.

In addition to home improvement loans, NHS also offers financing to help low-income residents become homeowners.

Knoxville My Front Yard Program

Knoxville’s My Front Yard Program encourages homeowners to stay in their neighborhood and invest in its future. Eligible residents of Knoxville, TN can take advantage of home improvement loans that are completely forgivable under certain conditions, effectively turning these loans into grants:

• Residents can borrow up to $4,999.
• These loans usually convert to grants if the homeowner remains in their home for five years or longer.

San Diego Housing Enhancement Loan Programs (HELP)

This city home improvement loan program is designed to make San Diego’s neighborhoods more desirable by helping homeowners improve and beautify their homes. HELP loans can be used for both exterior and interior home improvements. Qualifying home projects for HELP loans include:

• Doors
• Landscaping including draught resistant yards
• Painting
• Plumbing upgrades
• Roof replacement
• Windows.