A plan that would allow Hamilton County to offer low-interest loans of up to $50,000 to homeowners who want to fix up their properties will be considered by commissioners Wednesday.

        The program is being pushed by Commissioner Todd Portune as a way to give people incentive to stay in Hamilton County rather than taking flight to suburbs outside of the county.

        The Home Improvement Program would work this way:

        The county would use about 7 percent of its investment portfolio — or $28 mil lion — to buy down interest rates for people taking out loans through the program. The five-year loans would have interest rates that are 3 percent below the market.

        There will be no income eligibility restrictions, but loans will be made only on properties valued at $300,000 or less. Investors could take advantage of the loans, Mr. Portune said, but individuals can have only one loan outstanding at a time.

        “In a largely built-out, urban community, anything that can be done to spur investment is something we need to be about,” Mr. Portune said. “We have to provide incentives for people to take on the burden of improving our aging housing stock.”

        The other two commissioners aren't so sure.

        Commissioner John Dowlin said he won't vote in favor of the program — yet. The county is preparing its 2002 budget, and requests for spending are running about $11 million more than revenues.

        “We're $11 million out of balance and I predict it will be more,” Mr. Dowlin said. “So I think it's premature to look at this. This may be a good idea, but I think we should wait until we finish the budget and see how it fits in.”

        Commissioner Tom Neyer said he'd like to know how much return the county will get on the investment before voting.

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