This report describes the results of a study of home improvement financing, the objectives of which were to: 1.Understand how the home improvement market functions. 2.Determine the nature of home improvements and the factors which determine whether home improvements are undertaken. 3.Determine the extent to which the availability of home improvement financing affects home owners’ decisions to improve their property. 4.Determine the extent to which financing is available to those wishing to carryout home improvements and the terms and conditions under which it is available. 5.Determine the current and potential role of HUD’s Title I Property Improvement Loan Program in the financing ofhome improvements. 6.Develop recommendations concerning the future of the Title I program. 7.Develop recommendations concerning the need for additional research and for initiatives by HUD which would make financing more readily available for home improvements.