Beginning May 10, 2021, Medina County Treasurer John Burke and Westfield Bank will be once again be offering Fix-It Funds low interest fixed rate home improvement loans to Medina County homeowners. Since its authorization by the County Commissioners in 2002, the Fix-It Funds program has provided over $14.5 million in low interest home improvement loans to over 1,000 Medina County residents.“These loans have helped homeowners all across Medina County,” said Treasurer Burke. He reported that since its inception, $2.6 million in loans have gone to homeowners in Brunswick, $1.6 million to Wadsworth, $2.6 million to Medina, and $7.7 million to residents in the surrounding townships. “According to our records, over 90% of the homes in Medina County may qualify for a Fix-It Funds loan,” Burke stated.
Westfield Bank has partnered with the Treasurer’s office since 2015 to offer these fixed rate loans at up to 2% below the bank’s current rate over up to 5 years. Loans can be from a minimum of $5,000 to a maximum of $50,000 and are given on a first-come, first-served basis until available funds are depleted.
Treasurer Burke provides an annual report on Fix-It Funds to the Medina County Commissioners. In December of 2020, Burke reported an increase in the number and size of loans. The number of loans more than doubled in 2020 from the previous year. And the average size loan in 2020 was $20,200 up from $14,000 in 2019. “I think many people were spending more time at home during the COVID-19 pandemic and just wanted to do more home projects last year – it may be the same this year” Burke related.
Almost all types of interior and exterior home improvements are eligible, including painting, wallpaper, lighting, flooring, plumbing, carpeting, furnaces, air conditioners, remodeling, additions, decks, window and door replacements, roofing, siding, gutters, driveways, patios and sidewalks to name a few. There are only a few ineligible improvements such as a swimming pool, satellite dish or hot tub.
There is no income limit to qualify for these loans. You must be a Medina County resident; your home (1-4 family unit dwelling) must have a tax appraised value of $250,000 or less excluding land, according to the Medina County Auditor’s appraised value; and you cannot be delinquent on your real estate taxes. Homeowners have up to 18 months to complete the work for which the loan was granted.
This innovative and unique program has been given national recognition, earning the Eagle Award for best practices by the national county elected officials’ organization IACREOT. Treasurer Burke has assisted the Treasurers of Stark and Portage counties to establish the same linked-deposit program. Only three other counties in Ohio offer similar programs.
Qualified homeowners interested in low-interest improvement loans can apply at Westfield Bank at two locations: 4015 Medina Road on Route 18 in Medina and Two Park Circle in Westfield Center. Westfield Bank is member FDIC and equal opportunity lender.
For more information, please contact the Medina County Treasurer’s office at 330.725.9746, email@example.com or Westfield Bank, Cheryl Murrin (NMLS#1365194) at 330.764.6091, CherylMurrin@westfield-bank.com, Tiffany Cherry (NMLS#1837679) at 330.662.0353, TiffanyCherry@westfield-bank.com, or Michelle Evans (NMLS#1460020) at 330.661.6083, MichelleEvans@westfield-bank.com.