Financing Your Home Improvements The Whiting Redevelopment Commission has made it easy to Renovate Fix up or Restore your home within the architectural integrity and scale of your neighborhood.  Sponsoring local banking institutions, in partnership with the Whiting-Robertsdale Community Improvement Corporation, Inc., are offering low rates for single-family home improvements and rehabilitation assistance.

Redevelopment Loan Program Features

• Choose from one of four local banks with which you feel the most comfortable or which you may already have an account.

• The Whiting-Robertsdale Community Improvement Corporation, Inc. will be writing down the 7% loan to 4% for the first five years.

• Loan will include rehabilitation specialist costs and the appraisal, recording, and title fees associated with the loan.

Sponsoring Local Banking Institutions

• Centier Bank
     1500 119th Street
      659-0043

• Liberty Savings
      1900 Indianapolis Boulevard
      659-6700

• Mercantile Bank
      1844 Indianapolis Boulevard
      659-1211

• American Trust & Savings Bank
      1321 119th Street
      659-0850

Top Ten Questions....and Their Answers

1. Where do I start?
The best place to start is on this website, by reviewing the design guidelines and getting ideas on how to renovate your home.  You can fill out an online form to be sent to the rehabilitation specialist and then begin contacting a sponsoring local banking institution.   Choose the one you feel most comfortable or with which you already have an account.  A designated loan officer will be able to assist you.

2. Can I get a loan if my home is outside the redevelopment area?
No.  The loan program is designed to improve the overall building conditions of those homes located within the designated redevelopment area only.  This does not preclude an individual from considering a conventional home improvement loan through your local bank.

3. Can I get a loan for improvements to income property?
No.  This program has been developed as an incentive for single-family owner occupied buildings and to increase the number of homeowners in the redevelopment area.

4. Is a rehabilitation specialist required?
In order to insure overall design compatibility to the existing neighborhood, a designated rehabilitation specialist is required and will work with the homeowner to recommend and review all improvements.

5. Is a general contractor required?
Yes.  In order to insure that improvements are done in accordance with state and local building codes, the program requires that a general contractor complete all major improvements to the home.

6. Can the loan be used to bring my home up to the building code with regard to electrical or heating and cooling?
Yes.  However, 60 percent of the total loan must be used for exterior improvements.  This would leave 40 percent for interior improvements, including such work as electrical or heating and cooling.

7. How much time do I have to complete the work proposed?
All improvements must be completed within a six to nine month time frame from issuance of a building permit or the write down cost for years 1 through 5 will be voided.

8. How much can I borrow?
The maximum loan is $50,000 with a minimum loan of $5,000.  The minimum monthly payment cannot be less than $75.00.

9. How are the payments to be made?
Payments will be made to the sponsoring local banking institution on a monthly basis from a payment booklet issued upon loan approval.

10. To be approved, do I have to have my existing mortgage with the bank or an existing account?
No.  The sponsoring local banking institutions are providing this loan program as a group to improve our Whiting community and its neighborhoods, more specifically the designated redevelopment area.  Each bank will have the same program available.

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