Medina County offers home repair loans through banks
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MEDINA — County homeowners who want to fix up or upgrade their residence can apply for low-interest loans at three regional banks.
The annual Fix-It-Funds program provides five-year loans at approximately 3 percent below a bank’s general interest rate, said county Treasurer John Burke. Up to $1 million is being allocated via the program, which is administered by the treasurer’s office.
“It’s our 10th year doing this, and we’ve allocated more than $10 million to hundreds of people in that timeframe,” Burke said.
Banks participating in the Fix-It-Funds program are U.S. Bank, Huntington Bank and Key Bank, Burke said.
The loans were made available this week, he said, and people can apply for a minimum of $1,500 and as much as $50,000 until the $1 million allotment is gone.
Homeowners must be current on their property taxes and own a home with a property-tax appraisal of no more than $200,000 to qualify for a “fix-it” loan, Burke said. However, the money cannot be used for new construction of any outbuilding that’s not attached to the house, such as a barn, garage or shed.
In addition, the loan money cannot be used for landscaping or for the construction of a deck or patio, swimming pool, hot tub or satellite dish, Burke said. Appraised land value is not considered in the application.
Burke said Medina County is one of only three Ohio counties that have a Fix-It-Funds program. The others are Cuyahoga and Hamilton counties, he said.
Loans will be awarded on a first-come, first-served basis, Burke said. Interest rates are likely to vary depending on the bank applicants work with and the credit score of those applying for loans.
People interested in the Fix-It-Funds program can call the participating banks, or contact the treasurer’s office at (330) 725-9746 for more information.
Contact Steve Grazier at (330) 721-4012 or sgrazier@medina-gazette.com.
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Would it be too much to ask to not give the loans to the people who create the program this year? Privately benefitting from a public contract is a slippery slope, and I’d hate to see Treasurer Burke or Commissioner Geissman sink any lower. I wish I were eligible for this program, as it would be nice to be able to take advantage of the subsidies my tax dollars provide to others. Is it equitable for the people who pay the most property taxes to be ineligible for a program they fund? At the same time other ineligible people like Commissioner Geissman are allowed to partake?
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