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.