New Home Repair Lending Program Joins County’s Portfolio of Repair Initiatives

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Partnership with Home Repair Resource Center to Provide Support for Homeowners Through Entire Loan Process

CUYAHOGA COUNTY, OH –
Cuyahoga County is partnering with the Home Repair Resource Center (HRRC) and KeyBank to provide residents another source for home repair funding. HRRC will provide the information, expertise, and support needed to apply for home repair loans.

Homeowners interested in applying for or learning about home repair programs can call HRRC at 216-381-6100 ext. 10. They will be connected to an HRRC representative, who will provide technical support through financial counseling, determine eligibility for programs and repairs, and guide the homeowner through the application process. $1.7 million is being provided for this resource.

In tandem with this resource, the County is announcing the new Key Cares Loan Home Repair Lending Program. This program will provide unsecured home improvement loans of up to $15,000. This program can help owner-occupied homeowners who can afford a monthly payment but who may not be able to qualify for traditional bank financing. Eligibility and referral will be conducted by HRRC.

“Cuyahoga County is proud to partner with KeyBank to provide this home repair lending program opportunity to residents interested in making improvements to their home to live safely and securely,” said County Executive Armond Budish. “Thanks to KeyBank’s partnership, residents can utilize the Home Repair Resource Center as a one-stop-shop for connecting with the program that works best for them, and receive help going through the application. Resources like these help ensure that all residents, in every neighborhood, can make improvements that help their house feel like a home for many years to come.”

The Key Cares Loan Home Repair Lending Program is the latest of multiple home repair programs the County supports, with investment totaling $5.7 million.

In June 2022, the County entered into an agreement with Community Housing Solutions to provide comprehensive home repair grants and loans to eligible low- and moderate-income homeowners who are within the HUD guidelines and eligibilities for 51 communities in Cuyahoga County.

In July 2022, the Cuyahoga Land Bank, in partnership with Cuyahoga County, entered into an agreement to provide home repair funding to all Cuyahoga County residents. The Home Repair Program, administered by CHN Housing Partners, limits the eligibility to those homeowners whose income does not exceed 120% of the HUD area median income.

For those who don’t need to take out a home repair loan, the County’s Housing Enhancement Loan Program (HELP) provides homeowners of occupied or investment properties with home equity loans, at three percentage points below normal bank rates, for home repair or remodeling projects. HELP has no restrictions on a borrower’s income and few limitations on what improvements can be made to a property.

To get started, homeowners can call the HRRC at 216-381-6100 ext. 10.