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

Columbus City Hall

Columbus City Council Monday evening approved forgiving nearly 600 emergency home-repair loans that were given to residents to fix hot-water tanks, furnaces, roofs and foundations by removing liens on the properties, with a few conditions.

The loans total $7.6 million, putting the average loan at $12,860. All of the 591 are more than a decade old, and the requirements for them to be forgiven include that the homeowners involved with the loan still own the property, and haven’t declared bankruptcy or been foreclosed on.

Homeowners weren’t required to repay the zero-interest loans for property repairs until they sold the properties, at which point the entire principal was due. The idea was that so long as homeowners lived there, they didn’t owe anything.

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