Program Overview
The Neighborhood Revitalization Program (NRP) is designed to revitalize neighborhoods by renovating single-family, owner-occupied homes in a focus area defined as: within the North Richland Hills city limits, south and/or west of Northeast Loop 820, east of Rufe Snow and north of Glenview Drive. This focus area contains lots averaging close to an acre with large mature trees. It is conveniently located near major highways, businesses and highly rated schools.
This unique and innovative program is designed to provide an economic incentive to current homeowners, those looking to locate in the target area, and investors who substantially reinvest in their home. The program will provide a 20% grant of up to $10,000 for the completion of well-designed home renovations which result in 40% increase in value. The final home values must exceed $120,000 and be above the average of Tarrant Appraisal District's average market value for the immediate area.
Please note: Investors who participate in the program are required to sell the home to a homeowner and are disqualified from the program if the home becomes a rental.
For more information on NRP or to apply for the program, please view the links below:
Program Results - September 2016
Since the program began last year, 10 homes have been completed resulting in $865,398 in increased property value within the target area. The total incentive paid to participants by the city was $100,000. Another 6 homes are currently under construction with the program’s total increase in property value by year end expected to exceed $1,300,000.
