Heritage Home Program SM Announces 2% Fixed Interest Rate Lowered Fees and Extended Eligibility

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More homes qualify for Heritage Home Loan as a result of new modified eligibility conditions lowering the fixed rate for house maintenance and rehab of homes 50 years old and older.

“We are very excited to receive the County’s approval and support,” Kathleen Crowther, CRS President, said. “The flexed eligibility requirements and lowered 2% fixed rate allows many more homeowners to affordably maintain and rehab their houses.”

Heritage Home Programs Announces 2% Fixed Interest Rate, Lowered Fees and Extended Eligibility

Repairing an older home is more affordable than ever before. The Heritage Home Programs, a specialized house maintenance and rehab loan program for homeowners of houses that are 50 years old and older is lowering the fixed interest rate to 2% from 3.5% for all new Heritage Home Loans. To further encourage homeowner reinvestment in their properties, loan fees have also 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.

Even more houses qualify for the Heritage Home Loan Programs as a result of modified eligibility conditions. Houses with vinyl and aluminum siding are now eligible. Now, 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.

The Heritage Home Programs is administered by the Cleveland Restoration Society (CRS), in partnership with the Ohio Housing Finance Agency (OHFA) and Key Bank. The OHFA Board approved these changes at their meeting on March 21, 2012.

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

”We are pleased to partner with the Cleveland Restoration Society to help homeowners maintain and improve their homes,” said Doug Garver, OHFA’s Executive Director.

Homeowners can use the 2% fixed-interest rate, 10-year term rehabilitation loan to fund a large variety of home maintenance and improvement projects. Houses built in 1962 and prior are eligible for both exterior and interior projects. Non-owner occupied properties up to three units are also eligible. Projects include new roofs, painting, porch repair, window repair, storm windows, kitchen and bath renovations, and much more. More than 900 homeowners have used the Heritage Home Loan Program to reinvest over $33 million in their homes.

“We are thankful for OHFA’s support of the program changes and are excited to extend the Program to more homeowners,” said Kathleen Crowther, CRS President.

The loan is based on the equity in the house. An After-Rehabilitation Loan product is also available. The OHFA supported loans are limited to low- and moderate-income homeowners under OHFA standards. Homeowners will have to meet Key Bank’s standard credit evaluation to obtain a loan. There are no out of pocket costs for the loan, no closing costs and no points. The interest from the loan is tax deductible.

Free technical advice is also available. Heritage staff provides in depth assistance to homeowners via site visits, contractor assistance, and color consults. CRS’ team of rehabilitation specialists can answer your questions about the proper repair and maintenance of your older home. If you are interested in finding out more information on the program contact the Cleveland Restoration Society at (216) 426-3116 or visit /http://www.heritagehomeprogram.org/loans/loans.php.

OHFA facilitates the development, rehabilitation and financing of low- to moderate-income housing. The Agency's programs serve first-time homebuyers, renters, senior citizens, and other populations with special needs. Formerly a division of the Ohio Department of Development, OHFA became an independent state agency on July 1, 2005 through Amended Substitute House Bill (HB) 431.

The Cleveland Restoration Society is the region’s largest non-profit preservation organization and is a Local Partner affiliate of the National Trust for Historic Preservation. Founded in 1972, CRS is dedicated to the revitalization of our older neighborhoods and the preservation of our architectural resources. To learn more about CRS, visit http://www.clevelandrestoration.org.

Media Contact:
Felicia Hall    
216-426-3110
felicia.hall(at)clevelandrestoration(dot)org

Program Contact:
Tom Jorgensen
216-426-3108
tjorgensen(at)clevelandrestoration(dot)org

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