The Heritage Home Program℠ Loan is a low-interest fixed-rate home equity loan for homeowners to affordably maintain and improve their older houses.

The low interest loan product is financed through Key Bank and Third Federal Savings & Loan with fixed-interest rates available as low as 1.4%.

Loan clients have access to written construction specifications for exterior projects, locating qualified contractors and project guidance.

Please read the requirements below to see if your home qualifies for the Heritage Home Loan.

Click here for more information about additions

Did you answer "yes" to all the questions above?

Once you have determined that the property and projects are eligible for the loan, contact the Heritage Home Program℠ staff to review your project scope, discuss the terms and conditions, and schedule a site visit. Homeowner must also meet the bank’s lending requirements.

Do you have estimates for your projects?

If you need assistance finding contractors or selecting estimates, Heritage Staff can assist you.Scheduling a site visit can be helpful with our construction specialists offering advice on any home repair/remodel.

Applications and estimates must be submitted to the Heritage Home Program Office before a homeowner starts the financial pre-approval process.

You can email, mail, or fax the application to our office. Remember to include estimates from chosen contractors with the completed application.

Mail to:

Heritage Home Program℠
3751 Prospect Avenue
Cleveland, OH 44115

Email an Application

Fax: (216) 426-1975

Step 1: Financial Pre-Approval

Once the Heritage Home Program has approved your application, you are ready to start the financial pre-approval process with a loan officer at a participating bank.

Our application is two fold. Heritage Home Program staff approve the project and the bank approves the financing.

The homeowner must meet the bank’s lending requirements. You may visit or call the bank branch to speak with a relationship manager about these requirements. Heritage Home Program Staff can provide contact information for a bank branch near you.

When meeting with a loan officer, provide a copy of the Heritage Home Loan Application and additional information requested by the bank. A standard credit evaluation will be performed as well as an initial review of available equity. Bank pre-approval can last 60 days.

Step 2: Conditional Approval

The lending institution will determine whether the applicant is conditionally approved.

The bank may request additional personal documents and may require an appraisal.

• Key Bank always requires an appraisal.
• Third Federal will do appraisals on a case by case basis.

Step 3: Final Approval

The bank will notify the homeowner and Heritage staff of final approval. Heritage staff will send final paperwork to the bank to confirm the project eligibility and loan amount. The lending institution will then prepare the loan documents and set a loan closing appointment with the homeowner.

Once the loan documents are signed at the bank there is a three-day right-of-rescission period. After that period, the bank will disburse the funds to a CRS escrow account.

No work funded with loan proceeds can begin until loan funds have been dispersed.

Step 4: Contracts

An escrow contract and payment schedule will be established between the homeowner, contract, and the Cleveland Restoration Society.

Specifications for exterior work will be provided to the homeowner and contractor.

Step 5: Work Begins

You will have eighteen months from the signing date to complete all projects funded by the Heritage Home Program Loan.

Funds are released with the homeowner’s approval as the project progresses.

If the project requires a permit, the contractor must pull the necessary permit prior to beginning work.

Step 6: Project Completion

When the project is complete, a Heritage Home Program staff member will complete a final project close-out site visit.