First Suburbs Program
The Mid-America Regional Council (MARC) and CommunityAmerica Credit Union have partnered to offer low-interest, fixed-rates on home equity loans to homeowners in 33 participating communities, including the city of Lee’s Summit.
The Lee’s Summit City Council approved the city’s participation in the program, which included $250 for materials to help market the program to residents of the community. The First Suburbs loans can be used for a wide variety of home renovation projects, including window and door replacement, roof repair or replacement, plumbing and electrical upgrades, and add-ons such as new rooms, decks, porches and fences.
The remodeling loan program was created in 2006 by MARC's First Suburbs Coalition, a group of inner-ring suburbs in the Kansas City metro area. Many homeowners in these communities love their neighborhoods and want to stay in their homes, but also want some of the modern amenities often found in newer construction. In the first two years, more than 130 loans were made to homeowners, totaling approximately $2.3 million. The success of this program led to its expansion in early 2009.
Eighteen cities outside the First Suburbs have joined the program, along with the unincorporated areas of Clay, Jackson and Johnson counties. This is Lee’s Summits first year participating in the program, which officially kicked off this year on March 2.
How does the program work?
- Fixed-rate, home equity loans with a one-time advance
- Borrowers must qualify per CommunityAmerica lending standards
- Borrowers must join CommunityAmerica Credit Union ($1 membership fee) and reside in a participating community
- Maximum loan amount is $30,000; minimum is $5,000
- Term of loan is 1 to 10 years
- Home must be owner occupied
- Tax-assessed value of the home must not exceed $250,000
For information about current interest rates or to apply for a loan, call CommunityAmerica at (913) 905-6629. For further information on the program, visit www.marc.org/loanprogram