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NATIONAL CITY BANK AND CUYAHOGA COUNTY DEPARTMENT OF DEVELOPMENT ANNOUNCE A NEW HOME IMPROVEMENT LOAN PROGRAM

 CLEVELAND, May 20 /PRNewswire/ -- National City Bank and the Cuyahoga County Department of Development have joined forces to offer a new home improvement loan product called Renew.
 "This unique partnership between National City and the County allows the homeowner to take advantage of competitive and affordable rates on loans for the improvement of their home," explained Ronald Hongosh, vice president and division manager, retail credit, National City Bank. "Many necessary improvements-- such as replacing a roof, exterior painting, repairing faulty wiring or plumbing--can end up to be quite costly. Through Renew, a homeownem?ay be able to get the financing to make those badly needed improvements."
 Timothy F. Hagan, President of the Board of County Commissioners, said, "We have found an efficient way to make use of our limited federal funds in a partnership with National City Bank. We are grateful that National City Bank has committed their resources to implement the Renew Program."
 In order to be eligible for the Renew loan, there are certain requirements that must be met: The home must be owned and occupied by the prospective borrower, and it must be a single-family unit; only certain types of home improvements are covered under the program, including specific building code violations or other obvious trouble areas as determined by the Renew loan originator; the maximum loan amount subsidized through the program is $24,999; and certain H.U.D. guidelines must be met regarding income eligibility and property value.
 The Renew loan term is normally from 12 to 120 months, and the interest rate on the loan is determined by family size and income requirement per H.U.D. guidelines. The prepaid finance charge will be waived and special consideration will be given to how closing costs are offset; in some cases, grant money can be used to offset those charges.
 According to Hongosh, the homeowner can select his or her own contractor. All the work must be completed to the homeowner's satisfaction as well as to the satisfaction of the local building department. The Cuyahoga County Department of Development will inspect all work upon completion.
 The County's Community Development Department (216-443-7260) can supply further details regarding the Renew program.
 National City Bank is the lead bank of National City Corporation, a $28 billion diversified financial services company headquartered in Cleveland.
 -0- 5/20/93
 /CONTACT: Sharon A. Lamcha of National City Communications, 216-575-2316/
 (NCC)


CO: National City Bank ST: Ohio IN: FIN SU: PDT

BM -- CL012 -- 0737 05/20/93 11:36 EDT
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Publication:PR Newswire
Date:May 20, 1993
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