The revolving fund committee was established to provide secured loans at attractive interest rates to Corn Hill property owners for capital improvements to their property. The goal of this program is to maintain the quality and character of Corn Hill homes.
- Chair: Tom Clark
- Assistant Chair: Kevin Judge
- Board Liaison: Bill Culley
Meetings: as needed
Contact: [email protected]
About the Revolving Loan Fund
The Revolving Fund has been established to provide loans up to $10,000 to Corn Hill property owners.The objectives of the program are:
- To make exterior property improvements and/or interior fixed fixtures of properties within Corn Hill
- To combat community deterioration
- To preserve the housing stock of Corn Hill
- To aid homeowners having the need to correct code violations
The structure must be a one or multi-family, owner occupied, residential structure located in the Corn Hill neighborhood, as defined by the Corn Hill Association By-Laws. Under special circumstances, absentee owners could be eligible.
All City and County taxes and utilities must be current.
The proposed repairs must answer at least one of the objectives of the program.
WHAT REPAIRS ARE ELIGIBLE?
Roof, foundation, porch replacement and other structural repairs are eligible, as is exterior painting. Some routine or ordinary maintenance or interior remodeling may not be eligible. Many repairs are eligible; however, final decisions will be made by the Revolving Fund Committee (RFC) based on the specific circumstances of each case. Loan funds cannot be used for work already completed. Exceptions to the above may be made by the RFC, as each case is judged on its own merit.
WHO WILL FIX MY HOUSE?
Bring written estimates from at least two reputable contractors to the RFC.
All work must be done according to the written estimate, and it is your responsibility to oversee the contractor’s work.
If you have the ability, you may do the repair work yourself. In this case, you will be reimbursed for the actual and verified cost of materials only, not for your labor.
The Fund provides a letter of guarantee of payment on satisfactory completion of the job.
Though there could be some exceptions, you are responsible to inform the contractor that it is not a Revolving Fund policy to pay down payments. Payment in full will be generated upon satisfactory completion of the project.
HOW DO I APPLY?
The first step is to get written estimates from the contractors, so that you and the Fund Committee have an idea of the amount of funds you will need to borrow. Call the CHNA office at 262-3142, provide your name and contact information and a RFC member will contact you. All information from the applicant(s) is entirely confidential. Only the RFC and our lawyer consultant have records on the loan.
An initial meeting will be held with the applicant and the RFC, during which time the Committee will learn what you propose to do on your property. We will discuss the estimates and how comfortable you feel with the contractors. We will discuss the amount you request for the job and your ability to pay the loan. You will be given a loan application to complete and return to the Committee. The application also includes a personal financial statement or something proving you have the ability to pay the loan.
The loan will be secured one of two ways:
- Promissory Note pledging some collateral, ie. stocks, mutual funds
- Note and Mortgage, a lien placed on your property for the loan amount
The “Loan Agreement” is completed when the work and exact dollar amount is firmed up. Before the work begins, you will know approximately what your monthly payment will be. This will depend on the interest rate and term of the loan.
Every effort will be made to make the loan payment affordable. The amount of interest on the loan and the term will be determined by RFC. The Committee seeks to work with the applicant and to be as flexible as possible, as each situation differs. The Committee would like the maximum amount per loan to be not more than $10,000; however, again, the Committee can waive the limit if the repairs cannot be done under $10,000. All checks from the Fund are made payable to the borrower AND the contractor.
*Revised May 17, 2007, January 12, 2010