Home Improvement Assistance

[Steven Greenwell]

This seems to be a good forum for getting out information so I decided to post this. My partner and I have been considering adding a room addition. The 'tipping point" for the decision was going to be the financing. Quite by chance (luck? fate?) we found out about HELP (Home Enhancement Loan Program) offered through Cuyahoga County. Eligibility is not income based -- anyone who owns a home with market value less than $250,000 can apply for a loan through this program.

There are currently six financial institutions that participate in the program (Fifth Third Bank, Key Bank, Huntington, National City, Sky Bank, and US Bank). My understanding of how the program work is that the County helps to finance a three percent reduction in the rate you would normally get from the bank. We got our loan for 4.99%! It was not a difficult process. In addition to the regular loan process there was only one sheet of paper to fill out for the County.

Another program that benefits those who make home improvements in our community is that you can receive a five year tax abatement on the value the project adds to your home.

I hope that those considering home improvement projects will find this useful or share it with others. For more info. check out the County Treasurers web site.

[dl meckes]

There are also loans available through the Cleveland Restoration Society for improvements to the exterior of your home.

As you may know, I frequently post the link to the Division of Community Development pages (http://www.ci.lakewood.oh.us/dept_planning_cdbg.html) and there's also a home improvement and maintenance guide at http://www.ci.lakewood.oh.us/city_impro ... index.html (not a code book).

I am always amazed at the depth of knowledge of the folks at the DCD 529-HOME (4663) and I would call them with any questions.