Low-interest loan program provides a path to affordable home repairs

A $2 million program funded in part by the American Rescue Plan Act has been set up by Hamilton County commissioners to help homeowners make needed repairs to their properties.

Called the Revive + Thrive Home Repair Loan Program, the initiative will provide loan amounts ranging from $5,000 to $25,000, with a below-market interest rate of 2%. It’s designed to make loans accessible to homeowners who may not qualify for traditional financing options.

“At a time when homeowners are struggling with escalating property values, we are providing essential relief by making much-needed renovations more affordable,” said Commission President Alicia Reece.

Modeled after initiatives in Detroit and Memphis, which have assisted hundreds, the program helps homeowners tackle repairs that improve living conditions and build long-term value in their homes. Repairs and renovations that could qualify include: Elimination of hazardous substances in the home, electrical repairs, furnace replacement, roof replacement, plumbing, energy efficiency upgrades, door and window replacements, porches and structural support.

Homeowners in Hamilton County with incomes at or below 80% of the area median income may be eligible for the program. This translates to $75,500 for a family of three and $58,700 for a single person.

The program also includes support services from nonprofit organizations Working in Neighborhoods, which can assist interested homeowners through the application process, and Habitat for Humanity of Greater Cincinnati, which can oversee the construction process ranging from getting bids to managing repairs.

In addition to American Rescue Plan Act funding, the program is also supported by  a Community Development Block Grant, with additional support from the Greater Cincinnati Foundation.

Warsaw Federal, a community bank based in East Price Hill, is servicing the loans, and Local Initiatives Support Corp. (LISC) of Greater Cincinnati is administering the program.

Homeowners can call 211 to begin the application process. More information is available here.