April 1, 2009
Low-interest, home-remodeling loans are now available to homeowners in 33 participating communities through a program created by MARC’s First Suburbs Coalition to help mature neighborhoods stay vital and attractive to future homebuyers, maintaining property values and strengthening communities.
In 2006, the First Suburbs Coalition partnered with CommunityAmerica Credit Union (CACU) to offer home-equity loans to residents who love their older neighborhoods and want to stay in their homes, but also want some of the modern amenities often found in newer construction.
In the first two years, more than 130 loans were made to homeowners, totaling approximately $2.3 million. The success of this program led to its expansion to include 18 additional cities outside the First Suburbs area in 2009.
Loans can be used for a wide variety of home renovation projects, including window and door replacement, roof repair or replacement, plumbing and electrical upgrades, and add-ons such as new rooms, decks, porches and fences.
Participating communities each contributed a modest fee to support a marketing campaign to let homeowners know about the program. More information about the program is available online at www.marc.org/loanprogram.
Staff contact: Dean Katerndahl, firstname.lastname@example.org
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