Historical October 1993 article. Dates, prices, services and contacts describe the source period; current availability has not been established.
The Skinker-DeBaliviere Community Council has announced a new program to assist neighborhood residents who need to make exterior repairs to their homes.
Each loan request must be matched by homeowner’s funds.
The program is targeted especially to homeowners with special needs.
The Neighborhood Revolving Loan Program will be administered by the Council through a new committee of the Council. Jo Ann Vatcha, chairman, has been working on operating procedures with SDCC staff and the members of the new committee: Jack Wright, Georgie Fox, and Joe Miller. Vatcha was previously director of Neighborhood Housing Services of St. Louis, an agency which made direct loans to homeowners. Wright, a long-time resident of Washington Heights. was president for many years of the Skinker- DeBaliviere Community Council. Fox and Miller are currently members of the Council, with Miller also serving as president of Rosedale Neighborhood Association.
A special feature of the loan program will be a very low interest rate. 3%. which will be charged if borrowers agree to repay the funds within a year.
The maximum term will be 2 years. at a rate of 6%.
In this way, the funds will be available to loan out again in a few months. Kim Koenig, executive director of the Council, has worked with Kathleen Hamilton to arrange for loan payments to be made directly into a special account established at the Central West End Bank. Special features of the program are outlined below.
For an application or if you have any questions. call Kim Koenig at 862- 5122. * WHAT IS THE NEIGHBORHOOD REVOLVING LOAN PROGRAM?
A low-interest loan to help you make exterior repairs or improvements to your home.
The Loan Program is designed to assist homeowners who live in the SkinkerDeBaliviere neighborhoods who can demonstrate a genuine need for additional funds. WHAT REPAIRS ARE ELIGIBLE? • Porch repairs • Fences • Painting • Collapsed sewer lines (where city doesn’t pay) • Guttering • Tuckpointing • Concrete • Garage demolition or repair • Code violations • Doors and windows • Restoration of architectural features • Handicapped-accessibility HOW DO I APPLY FOR A LOAN? • Fill out an application form. • Get at least two bids from licensed contractors or prepare a list of materials. • Bring evidence of your funds to match the loan request. • Bring proof of ownership and paid real estate tax receipt. • Most recent pay stubs or letter from employer, or social security award letter, or proof of pension or other income—to show ability to repay the loan. • A picture of your house will be helpful in evaluating the work needed. CALL KIM KOENIG AT 862- 5122. THE TERMS OF THE LOAN ARE: • 3% interest rate–if loan is repaid in 12 months • 6% interest rate–if you wish to take 24 months to repay loan • Maximum loan $ 1,000; minimum loan $ 200. • Loan request must be matched by homeowner’s funds. • Homeowner will be responsible for selection of a licensed contractor, and a City Building Inspector must ok the finished work before payment. • Most exterior repairs will be subject to approval by Heritage and Urban Design Commission, in addition to City Building Permit rules. • Loan applications will be rcviewed and approved by a Loan Committee of the Skinker-DeBaliviere Community Council.
All decisions will be final and at the sole discretion of the Council. Confidentiality of the applicant will be maintained at all times. • First priority will be given applicants demonstrating financial need. • Loans will be secured by a promissory note. • Payments will be arranged through a special account to be set up at Central West End Savings Bank
Originally published in The Times of Skinker-DeBaliviere, October 1993.
Read this article in the original newspaper issue.
Original source: SD_Times1993_10.pdf, printed page(s) 3; PDF page(s) 3.
