If you need to finance home repairs, Home Repair Resource Center may be able to help. Our financial assistance programs help homeowners complete repairs to their homes like the ones in these “before” and “after” photos.
Unlike financing companies, Home Repair Resource Center is a nonprofit organization. Our only purpose is to help Cleveland Heights residents make repairs to their homes. In addition to the programs offered by HRRC, we have information on other community resources, such as the County HELP and Historic Preservation Loans (low interest-rate programs for conventional borrowers.)
Our loan programs can provide special financing help to Cleveland Heights residents — owner/occupants of one- or two-family homes whose income falls within the low- and moderate-income (LMI) guidelines or who cannot qualify for a conventional bank loan (income limits do not apply.)
The Assist 0% Benefit (for LMI households) allows a homeowner to borrow for home repairs with a smaller monthly payment, often as low as $40 to $50 a month (example: $4,000 over 6 years is only $55 a month.) A grant reduces the amount borrowed, so that the repayment to the bank is the same as if it were a no interest loan. The total amount paid is only the actual repair cost.
The Assist Deferred Loan Match (for LMI households) lets a homeowner defer paying 1/2 the cost of repairs to major systems of the house: roof, heating, masonry rebuild, exterior painting, major structural repairs to footers and foundations, and replacement of storm or sanitary sewer lines. There is no monthly payment and 0% interest on the deferred half of the loan, and it doesn’t need to be repaid until title to the home is changed (unless the borrower chooses to repay earlier). In return, the homeowner provides a “match” of 1/2 the cost. This half may be provided on one’s own, or borrowed. Since only half the cost is being financed, the payments are lower — a big help if a budget is tight!
The Incentive Grant (also for LMI households) provides a grant of $1,000 toward the cost of replacing any one of four major systems (roof, heating, masonry rebuild, or exterior painting). The grant serves as an incentive for homeowners to invest in these repairs early, before damage to the structure occurs, by reducing the amount that must be paid for the repair — and the monthly payment if the funds are borrowed through one of our loan programs.
Special Senior Grants provide $1,500 towards the cost of replacing a roof or furnace for LMI homeowners age 62 or older, or totally and permanently disabled. This grant reduces the amount that must be paid for the repair — and the monthly payment if the funds are borrowed through one of our loan programs.
The Senior Water Heater Grant provides half the cost of materials and installation (up to $500) of a replacement water heater for LMI homeowners age 62 or older, or totally and permanently disabled. The remaining cost can be provided from the applicant’s personal funds or, if other repairs are undertaken, combined into one of HRRC’s loan programs.
The Challenge Fund can guarantee a bank loan for home repairs for homeowners who can afford a monthly payment but aren’t able to qualify for bank financing — because of past credit problems, not enough equity in the house, too much debt, or other reasons. There are no income limits for this program. Maximum loan is $8,000, at the current bank rate. (For LMI homeowners, this loan guarantee can be used with the Assist 0% Benefit or Deferred Loan Match.)
If any of these programs sound as if they might help you, call Home Repair Resource Center at (216) 381-6100, ext. 22, for further information. Even if you’re not sure you can afford a loan at this time, the budget counseling process can help you sort through your options, whether for now or for the future. You’re welcome to explore possibilities — there’s no obligation, and our advice and services are always free!
Home Repair Resource Center also offers individual counseling and classes on a variety of issues related to home ownership: home purchase, maintaining and rebuilding credit, refinances, and foreclosure prevention.