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Cleveland Restoration Society
• Is the largest non-governmental, regional historic preservation organization in Ohio.
• Has a staff of 12 full-time professionals.• Is headquartered in a restored historic building in
downtown Cleveland.• $1M annual operating budget.
…uses the powerful tool of historic preservation to revitalize our
diverse communities, strengthen the regional economy, and enhance
the quality of life in northeastern Ohio.
Historic Preservation = Neighborhood Development
✓ Positive Reinvestment
✓ Increase Property Values
✓ Investor Confidence
✓ Neighborhood Stability
Before
After
Economic Impact Study By Cleveland State University
✓ Houses in Heritage Home ProgramSM
✓ Houses within 1/10th of a mile of an HHPSM house
Disproportionate increase in value for:
Economic Impact Study By Cleveland State University
5
HHP Loans
• Homeowners in HHP stayed in their houses longer
• 1/10th the rate of foreclosures
What is the Heritage Home Program?
1. Free Technical Assistance and
advice on home maintenance or
improvement
2. Low-Interest Financing
to cover project costs
Before
After
• House is at least 50 years old – it does not need to be “historic”
• House contains 3 units or less and is zoned as residential
• House is in a participating community
General Eligibility Requirements:
Impartial Advice
Preservation approach to maintenance, repair & improvements
What is Technical Assistance?
Site visits to review any and all issues of the homeowner
Project Prioritization
To decide on what should be done first
Contractor Resources
✓Provide contractor names
✓Review estimates
Energy Efficiency
✓Insulation / Ventilation
✓Window repair
✓Storm windows
✓Weatherization methods
AFTERBEFORE
Restoration Guidance
AFTER
Color Consultation
BEFORE
16
2) Project Financing
• fixed-rate financing as low as 1.99% to cover project costs
• Construction specifications provided for exterior projects
• Interior & exterior projects qualify
What is the Heritage Home ProgramSM ?
What types of projects are eligible for the loan?
Roof repair & replacement
Basement waterproofing
Storm windows
Window repair & replacement
Masonry work
Exterior Painting
Porch repair
INTERIOR
Wood floor refinishing
Electrical
Kitchen Remodel
Bathroom RemodelReconfigure interior spaces
Energy audits & insulation
Fireplace
Interior Painting
Chimney repair
Basement Finishing
Plumbing
Furnace
Air Conditioning
Carpentry
EXTERIORADDITIONS
• Vinyl Siding
• Vinyl windows
• Swimming pools
• Non-built in appliances
• Incompatible additions & building materials
• Landscaping
What Types of Projects Are Not Eligible?
Guidelines for Additions
•No prepayment penalty
•Will work with DIY
•Interest from the loan is tax deductible
•Homeowner meets bank lending guidelines
•Loan is based on equity established by an after-rehabilitation appraisal
•Minimal fees: Loan origination, Program (max: 2% of total loan), appraisal and escrow fees
Heritage Home ProgramSM Loan FAQs
• 2% fixed rate
• Minimum loan amount = $3K
• Maximum loan amount = $150,000K
• 5-10 year term
•No prepayment penalty
•Will work with DIY
•Interest from the loan is tax deductible
•Homeowner meets bank lending guidelines
•Loan can be based on equity established by an after-rehabilitation appraisal
•Minimal fees: Loan origination, Program (max: 2% of total loan), and escrow fees
Heritage Home ProgramSM Loan FAQs
• 1.99% fixed rate
• Minimum loan
amount = $10K
• Maximum loan amount = $150,000K
• 15 year term
✓ Site Visit
✓Obtain written estimates for approved projects
✓ Submit application with written estimates to HHP
✓ Start banking application
Application Process
Specialty Loan Procedures
✓ Escrow Agent
✓After-Rehab Appraisal
✓ Exterior Painting
$7,250 Loan:
AFTER
BEFORE
$11,308 Loan:
✓Front Porch Rebuild
$16,000 Loan:
✓2 Bathroom Remodels
$25,000 Loan:
✓Roof replacement
✓Exterior painting
and carpentry
repairs
✓Tuck-pointing
$42,000 Loan:
✓ Kitchen and Bath Remodel
✓ Floor refinishing
$112,000 Loan:
✓2 1/2 bath remodels
✓Kitchen expansion
✓Created rear entry
✓Refinish floors
✓Window repair
✓New storms
✓New furnace
✓Interior finishes
BEFORE
AFTER
$30,000 Loan:
✓ Finish attic
✓ Finish basement
✓ Insulation
$37,100 Loan:
✓ Kitchen remodel
✓ Siding repairs
✓ Exterior paint
$87,700 Loan:
✓ Mechanicals
✓ 2 Bathrooms
✓ Drywall/painting
✓ Floors
25 Years of Reinvestment in the Community!
12,398 Technical Assists valued at $257m
1,427 Loans valued at $54m
Available to residents in 39 communities
Thank you!
For more information, please contact:
Trudy AndrzejewskiHeritage Home Program Associate
(216) 426-3110
Elizabeth CardarelliHeritage Home Program Associate
(216) 426-3112
![[Gerald MacLean] Culture and Society in the Restoration](https://img.dokumen.tips/doc/110x75/55cf9424550346f57b9fe847/gerald-maclean-culture-and-society-in-the-restoration.jpg)
