Low interest loans offered to historic district homeowners

The city of Elyria has a new partnership with the Cleveland Restoration Society Heritage Home Program and Northwest Bank to offer free technical assistance and low interest loans to owners of homes 50 years or older in the West By The River Historic District, according to a media release from the city.

As part of the program, an employee of the Restoration Society will come out and visit the homes and evaluate the types of repairs that are necessary and appropriate for the house, the release said.

The employee will help identify the proper materials to be used for repairs and replacements that will be consistent with the architecture and style of the home, according to the release.

The program offers other free services including site visits to answer home repair, improvement and maintenance questions, advice about increasing energy efficiency, access to information on qualified local contractors and evaluation of contractor bids and estimates.

The Restoration Society also can provide a homeowner with a list of contractors that do the type of work the homeowner needs, the release said.

Under this program, the Restoration Society has provided technical advice and assistance to over 12,000 homeowners in Cleveland and Northeast Ohio on projects having a value of over $257 million, according to the release.

Another feature is its low interest equity loan program. The loans are made by Northwest Bank to homeowners who are improving their houses as certified by the Restoration Society.

The interest rate on the loans is a fixed rate of 2.375 percent and 3.065 APR for up to 10 years, the release said.

The loans can be used for interior as well as exterior repairs, maintenance, additions and modernization projects.

The loans will not cover luxury items such as swimming pools, hot tubs and vinyl siding or windows, according to the release.

An informational meeting starts at 6 p.m. June 27, on the second floor of Elyria City Hall, 131 Court St.