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Summit County Fiscal Office

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Home Residential Linked Deposit

Residential Linked Deposit

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The Residential Linked Deposit Program encourages homeowners to make improvements, repairs or remodel their homes at reduced interest rates.  A link reduces the interest rate on a loan by 3% for five years upon lender approval.

Loans may be used for property upgrades, alterations, repairs and improvements.

    ELIGIBILITY GUIDELINES
  • Property must be owner occupied
  • Annual gross income cannot be more than $150,000
  • Minimum loan amount is $1,500; maximum amount is $50,000
  • Borrower must be pre-approved at a participating lending institution for a reduced rate loan.
    APPROVED DEPOSITORIES - Effective September 1, 2013 – August 31, 2017
  • Key Bank

Residential Linked Deposit Program (896.55 KB)
Property must be owner occupied. Annual gross income cannot be more than $150,000. Minimum loan
>> Details

Linked Deposit Program Legislation (628.17 KB)
An Ordinance amending Chapter 181 of the Codified Ordinances of the County of Summit, entitled
>> Details


PROGRAM INCEPTION
In 1988 Summit County Council passed legislation making it possible to offer the Linked Deposit Program to provide small businesses with lower cost funds for lending purposes. A link reduces the interest rate on a loan by up to 3% for two years upon lender approval.

I am pleased to announce my office now offers a Residential Linked Deposit Program for homeowners. This is a cooperative effort between the Fiscal Office and participating lending institutions to encourage homeowners to make improvements, repairs or remodel their homes at a reduced interest rate.

Summit County is one of three counties in Ohio to offer its homeowners this type of program. This is an opportunity for homeowners to participate in government and directly benefit from that participation.

THE PROGRAM
The Residential Linked Deposit Program is intended to encourage homeowners to remodel or make repairs to their home by reducing the interest rate up to 3% for a home improvement loan at a participating bank. The county accepts a lower interest rate on certificate of deposit investments; that reduced rate translates into reduced rate loans for homeowners.

Eligible homeowners receive the Linked Deposit rate reduction for up to five years. Credit decisions are in the hands of the lender and only approved loans are submitted for the residential link program.

GUIDELINES
Property must be owner occupied; multi-family dwellings (up to 4 units) are eligible as long as one unit is owner occupied. Annual gross income cannot be more than $150,000. The minimum loan amount is $1,500 to a maximum of $50,000. Borrower’s property taxes must be current on all parcels owned. Loans must be for home improvements to the structure or the land. Refinances do not qualify.

Requirements for building permits vary in each municipality. It is the homeowner’s responsibility to verify home improvement projects with building departments within the county where permits are issued.

ELIGIBLE IMPROVEMENTS
Loans may be used for property upgrades, alterations, repairs and improvements. Some examples of eligible improvements for the exterior of your home include new windows and doors, roofing, siding, house painting, room additions, decks, fences and garages. Interior improvements include new furnace and air conditioner, painting and wallpapering, kitchen and bath remodel, new flooring, finished basement and/or finished attic.

APPLICATION PROCESS
The applicant must be able to obtain a loan on his or her own merit at a participating lending institution. Creditworthiness is in the hands of the lender.

PARTICIPATING LENDERS
Contact your local lending institution (Key Bank) for a Residential Linked Deposit Application.

 

Residential Linked Deposit

Residential_Linked

An opportunity for homeowners to participate in government and directly benefit from that participation.

INVESTMENT DEPARTMENT
330-643-2607
330-643-2610
330-643-8089 Fax

Monday thru Friday
7:30 a.m. to 4:00 p.m.

OFFICE LOCATION
Ohio Building
175 S. Main Street 4th Floor
Akron, Ohio 44308