EDCOR has had a very busy year so far. We're proud to report a significant increase in our loan activity, enabling more homeowners to invest in their properties. To date, we’ve already approved 17 loans for either home repairs or to help families with down payments on homes in Euclid. We have another 7 pending approval. In addition, we have awarded 56 Neighborhood Opportunity Grants enabling Euclid residents to make needed exterior home repairs and improvements.
Our loan programs are the heart of our organization. It’s how we make sure Euclid residents have access to the HUD funding that’s vital to helping them. Below is some information to download along with our loan applications to help you get started.
Low Interest Home Improvement Loans
Understanding the financial strain of home repairs, we offer low-interest loans to eligible homeowners. With a fixed 3% interest rate and flexible repayment terms of 5 or 10 years, homeowners can access up to $24,000 for necessary upgrades without excessive financial burden. Whether it's replacing a roof, installing energy-efficient windows, updating a kitchen, or making accessibility modifications, our loan program facilitates major renovations. Additionally, special repayment plans help seniors and disabled residents facing unique financial challenges.
To qualify, applicants must meet HUD income eligibility guidelines. However, for those approved, this low-interest loan presents an excellent opportunity to enhance the value, comfort, and functionality of their homes.
HIL Info Pack link
HIL Loan Application link
Down Payment Assistance Loan
Our down payment assistance loan provides up to $10,000 to make homeownership more achievable. This loan aims to reduce monthly mortgage expenses, with half of the amount forgiven after five years of residency. The remaining balance accrues no interest and only requires repayment upon the sale or refinancing of the home.
To qualify, applicants must meet HUD income requirements and cannot have owned a home in the past three years. This program has successfully facilitated many families' first-time home purchases in Euclid, removing the barrier of high down payments and encouraging residents to explore the benefits of homeownership.
DPA Info Pack link
DPA Loan Application link
Neighborhood Opportunity Grant
2024 marks the first year we have offered a grant to Euclid residents. We introduced our new Neighborhood Opportunity Grant, which supports exterior home repairs and improvements that enhance neighborhoods, helps raise property values, and elevates curb appeal. Response to this grant has been overwhelming, with nearly 200 homeowners applying. While we're delighted by the enthusiasm, the limited number of available spots meant we could select only 36 grant recipients this year. Our partners at the City of Euclid recognized the community need and has authorized an additional $150,000 in funding that allowed us to award another 20 grants. This marks the beginning of what we hope will be an annual initiative, pending continued funding. Our aim is to invest in Euclid's beauty through forward-thinking programs that empower residents.
For more information on EDCOR's services, please contact us via email at info@edcor.org or by phone at (216) 289-4625, Monday through Friday, from 9 am to 4:30 pm.
