Tuesday, June 04, 2002

Homeowners can now get cheap loans


Anderson joins program

By Dan Klepal, dklepal@enquirer.com
The Cincinnati Enquirer

        Anderson Township has opted to join a low-interest home improvement loan program that will allow most county homeowners to secure a loan of up to $50,000 at three percentage points lower than the market rate.

        The program started Monday. It is being made available through five local banks — Fifth Third, Firstar, KeyBank, Provident Bank and North Side Bank. Applications for loans must be made at a participating bank.

        The loans are possible because Hamilton County government is using a portion of its investment portfolio to “buy down” the interest rates. There are no income restrictions, but to qualify for the five-year loans, residents must live in a participating jurisdiction.

        Thus far, 43 of the county's jurisdictions have signed on for the program, representing more than 90 percent of the county's population.

        Anderson Township had doubts about the program.

        “While we have philosophical reservations with regard to the program, it seems unfair to deny our residents the benefit of the county funds that are to be available,” said a letter sent to Hamilton County Administrator Dave Krings last week by the township's three trustees.

        Trustees in Anderson Township had thought it was illegal for townships to participate in such a program. But Hamilton County Prosecutor Mike Allen wrote an opinion earlier this year saying it was legal.

       



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