A new low-interest home improvement loan program aimed at keeping middle-class residents in Hamilton County will be launched June 3.

        Everywhere, that is, except in Anderson Township, which has decided not to participate.

HIGHLIGHTS

Highlights of Home Improvement Program, in which Hamilton County will use its investment portfolio to take 3 percentage points off home improvement loans for county residents.   • Amount available: $28 million.   • Eligibility: Open to Hamilton County residents who live in participating jurisdictions with property values under $300,000.   • Terms: Maximum $50,000 loan for up to five years. Loans must be repaid if the home is sold.   • Apply: Through participating banks — Fifth Third, Firstar, Key, Provident and North Side Bank & Trust.   • Program starts: June 3.

        Hamilton County's Investment Advisory Committee — made up of commissioners Tom Neyer and John Dowlin and Treasurer Rob Goering — unanimously approved the plan Monday.

        Hamilton County will use its investment portfolio to take three percentage points off home improvement loans for county residents whose property value is below $300,000.

        A maximum of $50,000 can be borrowed for up to five years from one of five participating banks. The program will initially offer $28 million in loans.

        Commissioner Todd Portune drew up the program, which is modeled after a similar one in Cuyahoga County.

        Mr. Portune said it will give people, particularly the fast-disappearing middle-class residents in the county's first ring of sub urbs, incentive to improve their homes and stay put.

        That's crucial in a county that has lost more population than all but one other county in the nation over the past 12 months, Mr. Portune said.

        He said one of the primary reasons people are leaving the county is because of poor housing choices.

        “This deals directly with that,” Mr. Portune said.

        Residents must live in a jurisdiction that is participating. So far, 43 of the 49 county jurisdictions have signed on.

        Anderson Township has officially declined to join.

        Township Trustee Peggy Reis said her board thought the program would have little interest in Anderson Township.

        “It was reviewed very briefly,” Ms. Reis said. “Our inclination was that there would be very little interest in the community. But we're open to reconsider that, should we hear from people.”

        Five other jurisdictions — Indian Hill, Glendale, Arlington Heights, Milford and Newtown — are undecided. A small part of Milford is in Hamilton County.

        There are a variety of programs in Cincinnati that offer assistance to low-income people who want to buy homes. This program is different in that it is targeting middle-class residents and has no income restrictions.

        The program will cost about $100,000 to administer. The county also is likely to lose some interest money — a maximum of $840,000 if all $28 million is loaned out — it would have earned if not for the program.

        Mr. Portune believes that lost revenue will be recouped by increased property values and sales tax from people buying building materials.

        “I think there is both short- and long-term benefit to the county,” Mr. Portune said.

        Not everyone is so sure.

        “We're in a time now where interest rates are unbelievably low,” Mr. Goering said. “And it's almost impossible to measure the benefits.”

        But Mr. Goering voted in favor of the plan because it was the desire of the commissioners.

        Mr. Neyer said it will be impossible to track dollar-for-dollar benefits of the program. But the worthiness will be visible to all, he said.

        “If there isn't enough benefit, people won't take advantage of the program,” Mr. Neyer said. “The market will tell us if this is a good idea. I'm willing to bet some money and some time that it is.”

        State Treasurer Joe Deters is launching a similar statewide program this summer that will augment programs already up and running in counties.

        “We should be ahead of the curve,” Mr. Neyer said.

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