6/28/2012 - West Side Leader
     

Grants available to address security

WEST AKRON — Nine Akron homeowners will receive grants of $1,000 to make improvements in home security.

The Westside Neighborhood Development Corp. (WENDCO), in conjunction with the city of Akron’s Department of Development, is accepting applications for the grants July 9-12 between 2 and 6 p.m. at 1265 Copley Road.

According to WENDCO officials, the grants may be used to address home security through improvements such as entry doors, locks, glass block windows and security lighting.

To be eligible, homeowners must be at or below 80 percent of the Area Median Income, which puts the maximum income for a family of four at $53,200. Also, homes must be owner-occupied and cannot be in foreclosure or in preforeclosure status.

WENDCO’s mission is to provide an array of services to improve neighborhoods and strengthen communities.

For more information, call WENDCO at 330-869-8303.

Program offers lower loan rates for older home repairs

CLEVELAND — Owners of houses 50 years and older in parts of Summit and Stark counties are now eligible for lowered rates and fees on loans for home improvements and maintenance projects through the Heritage Home Program.

The specialized house maintenance and rehabilitation loan program is administered by the Cleveland Restoration Society (CRS) in partnership with the Ohio Housing Finance Agency (OHFA) and KeyBank.

Changes made this year in the program mean that now houses with vinyl and aluminum siding are eligible. CRS officials said virtually every house that is 50 years old or older is eligible as long as the repairs or changes to the house are consistent with its architecture.

In addition, the program has lowered the fixed interest rate to 2 percent from 3.5 percent for all new Heritage Home Loans. To further encourage homeowner reinvestment in their properties, loan fees also have been reduced. The after-rehabilitation loan escrow fee has been reduced to $200 from $500, and the technical assistance fee will be on a graduated scale based on loan amount, CRS officials said.

Currently, CRS officials said the program is offered in Akron, Green, Canton, Cleveland, Cleveland Heights, East Cleveland, Lakewood, Lyndhurst and Shaker Heights, but it is hoped that more communities across Ohio will participate.

Homeowners can use the 2 percent fixed interest rate, 10-year term rehabilitation loan to fund a variety of home maintenance and improvement projects, according to CRS officials. Houses built in 1962 and prior are eligible for both exterior and interior projects. Nonowner-occupied properties up to three units also are eligible. Projects include new roofs, painting, porch repair, window repair, storm windows and kitchen and bath renovations.

The loan is based on the equity in the house. The OHFA-supported loans are limited to low- and moderate-income homeowners under OHFA standards. Homeowners must meet KeyBank’s standard credit evaluation to obtain a loan. There are no out-of-pocket costs for the loan, no closing costs and no points, CRS officials said. The interest from the loan is tax deductible.

Free technical advice also is available, CRS officials said. Heritage staff provides assistance to homeowners through site visits, contractor assistance and color consults. CRS’ team of rehabilitation specialists also can assist by answering questions about the proper repair and maintenance of older homes.

For more information on the program, call 855-897-1949 or go to www.heritagehomeprogram.org.

— Kathleen Folkerth contributed to these reports.

• West Side Real Estate News & Notes