Behind the Numbers – Home Improvement Lending in Cleveland

The federal government and the attorneys’ general of 49 states recently reached a joint agreement on a historic $25 billion settlement with the country’s five largest loan servicers for claims involving foreclosure misconduct. With this agreement, we can now look forward to phase two of the economic recovery: expanding access to affordable credit to facilitate home repairs and neighborhood sustainability.

As recovery takes hold, preservation will become critical. For many, renovation and repair have been delayed and can no longer be postponed. For others, home ownership means repairing a home that was purchased in foreclosure.

In February, 2012, we set out to shift the conversation from home foreclosure to home preservation. The study assesses the general lending needs for the repair and rehabilitation of properties in northeast Ohio. Our research evaluates home improvement lending volume in the city of Cleveland, assesses opportunities to increase rehabilitation lending activity, and is being used to identify rehabilitation strategies that assist with the stabilization of the local real estate market. The study is available below.

Home Improvement Lending Activity in Cleveland: an Alternative Policy Response to the Foreclosure Crisis (Download the Report)

Share |