Nearly 600 emergency home-improvement loans to be forgiven by Columbus

Greg Stevens
Columbus City Hall

Columbus Town Council Monday night approved forgiving almost 600 unexpected emergency residence-repair loans that had been given to inhabitants to take care of scorching-h2o tanks, furnaces, roofs and foundations by getting rid of liens on the homes, with a number of ailments.

The loans total $7.6 million, placing the ordinary bank loan at $12,860. All of the 591 loans are a lot more than a ten years aged, and the specifications for them to be forgiven include things like that the home owners concerned with the loan nonetheless individual the house, and have not declared individual bankruptcy or been foreclosed on.

Owners were not essential to repay the zero-interest loans for assets repairs until finally they bought the attributes, at which stage the overall principal was thanks. The concept was that so very long as home owners lived there, they did not owe something.

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