Heritage Home Loan Program

On a Thursday afternoon in mid-January, Cuyahoga Land Bank President Gus Frangos braved the bitter cold in a show of support to participate in a press conference announcing the launch of the Heritage Home Program in South Euclid.
“The Land Bank has worked with every one of the partners that has come together to make this program possible – the City of South Euclid, First Federal of Lakewood, Cuyahoga County and the Cleveland Restoration Society,” Frangos said.  “We are happy to be able to support and promote such a great program.”
Program partners and supporters gathered in front of 4084 Bluestone Road – one of the historic homes eligible for the program – to announce the launch of the Heritage Home Program in South Euclid.
“Houses like this, we believe in,” said Cleveland Restoration Society Executive Director Kathleen Crowther of 4084 Bluestone Road. “ It’s a charming home and a charming neighborhood.”
Heritage Home combines free technical assistance from the Cleveland Restoration Society for homes that are 50 years and older with First Federal of Lakewood’s Heritage Home Loan, which offers loan rates that are more affordable than ever before.
“This program is a game changer,” said South Euclid Mayor Georgine Welo. “Heritage Home will help us fill an existing gap in the market which has prevented interested and credit-worthy homebuyers from purchasing and undertaking a renovation, not just in South Euclid, but across the County.”
Program participants will receive an interest rate as low as 1.4% on their renovation loan along with construction advice and project guidance.
The program allows current home owners to undertake repairs they could not previously tackle and opens the door to investment by potential new owners in vacant historic homes.
More information on the Heritage Home Program is available at www.heritagehomeprogram.org.  Watch highlights from the press conference in South Euclid.