Time is ticking for homeowners with a penchant for preservation to snag a sweet deal on home improvement loans. The Heritage Home ProgramSM, in partnership with Cuyahoga County, has been helping residents with homes 50+ years old since 2012, offering a generous 2% interest rate. But all good things have a shelf-life, it seems, as the program is poised to wrap up this cherub of a deal on December 31.
According to a recent announcement made available on the City of Brooklyn's official website, KeyBank – a stalwart backer of the Heritage Home ProgramSM for an admirable 32 years – is keeping its doors open for applications until the end of this calendar year. For those who slide in just under the wire, the 2% fixed rate will be honored for loans approved and funded in 2026, with the provision that an application is made prior to when the ball drops on New Year's Eve.
With potential rate hikes on the horizon, now is crunch time for homeowners to lock in low-interest funding for those pending renovations. As stated in the City of Brooklyn, "Now is the time to apply for this low-interest rate loan." But it's not merely about interest rates; the society overseeing the initiative, the Cleveland Restoration Society (CRS), is actively crafting new loan products with the Cuyahoga County Treasurer’s Office and another lender in tow.
While the CRS is committed to continuing technical support for homeowners, there is a bit of suspense hanging in the air. Details, like the interest rate of the future loan products, remain up in the air. The promise of "new low-interest loan product to be available in early 2026" does offer solace, according to the City of Brooklyn, though the comfort comes with the caveat that rates won't match the near-mythical 2% of yore. In a sign of changing times, what lies ahead is uncertainty mixed with opportunity for those dwelling in heritage homes.
