West Park & Kamm's Corners
Homeowners were taking out equity loans with alarming abandon just a few years ago, yet now many are reluctant to invest money in their homes. "With housing values falling, demand for home repair loans has also fallen," says Larry Slenczka, Vice President of Community Development for Dollar Bank.
Yet Dollar Bank continues to finance home rehabs through a partnership with Cleveland Action to Support Housing (CASH), a nonprofit whose mission is to revitalize Cleveland neighborhoods through home repair lending.
"CASH has been successful in identifying projects driven by investors," says Slenczka. "Their transactions tend to be very solid loans that have a very low default rate." CASH offers investors and owner-occupants a reduced interest rate. Currently, that interest rate is 2.6%.
Even as the average homeowner sits on the sidelines, some rehabbers are jumping in and finding deals. And the glut of vacant properties in Cleveland has presented an opportunity for savvy investors; while foreclosure rates nationwide reached their lowest level in four years last month, Cleveland still has a backlog of empty homes.
Yet while it seems anyone with a credit card can snap up a cheap foreclosure -- plumbing optional, of course -- that's just the beginning of the process. Getting a loan is no simple feat. Struggling with unsold inventories, many banks are cautious about lending to investors, while others aren't lending at all.
That's where CASH comes in. The nonprofit's partnerships with Dollar Bank and other lenders help owners get financing. In addition to offering a reduced rate, CASH helps owners to pick a contractor, develop a list of repairs, and inspect the work.
"Everybody wins," says Slenczka. "The neighborhood benefits from reinvestment, the benefits from private investment, and the bank benefits from a healthy market return."
Source: Larry Slenczka
Writer: Lee Chilcote
Yet Dollar Bank continues to finance home rehabs through a partnership with Cleveland Action to Support Housing (CASH), a nonprofit whose mission is to revitalize Cleveland neighborhoods through home repair lending.
"CASH has been successful in identifying projects driven by investors," says Slenczka. "Their transactions tend to be very solid loans that have a very low default rate." CASH offers investors and owner-occupants a reduced interest rate. Currently, that interest rate is 2.6%.
Even as the average homeowner sits on the sidelines, some rehabbers are jumping in and finding deals. And the glut of vacant properties in Cleveland has presented an opportunity for savvy investors; while foreclosure rates nationwide reached their lowest level in four years last month, Cleveland still has a backlog of empty homes.
Yet while it seems anyone with a credit card can snap up a cheap foreclosure -- plumbing optional, of course -- that's just the beginning of the process. Getting a loan is no simple feat. Struggling with unsold inventories, many banks are cautious about lending to investors, while others aren't lending at all.
That's where CASH comes in. The nonprofit's partnerships with Dollar Bank and other lenders help owners get financing. In addition to offering a reduced rate, CASH helps owners to pick a contractor, develop a list of repairs, and inspect the work.
"Everybody wins," says Slenczka. "The neighborhood benefits from reinvestment, the benefits from private investment, and the bank benefits from a healthy market return."
Source: Larry Slenczka
Writer: Lee Chilcote
In 2010, MetroHealth
began testing a surgical solution for high blood pressure, became the
only Ohio hospital chosen to participate in the Major Extremity Trauma
Research Consortium to benefit injured servicemen and women, launched
MetroExpressCare to address the needs of urgent care patients, and
provided resources for the identification of the first gene associated
with age-related cataracts.
All the while, the hospital system has kept its eye on sustainable business practices that resulted in a budget surplus last year. MetroHealth currently has about 6,000 employees.
Revenue over expenses for MetroHealth in 2010 totaled $27 million, and operating income decreased from $37.7 million in 2009 to $23.8 million last year. These numbers are in keeping with the health system's goal of maintaining sustainable business practices, which, according to MetroHealth CEO and president Mark Moran, means being able to support the hospital's mission of providing high-quality and affordable care.
Throughout 2011, MetroHealth will be addressing challenges that include a continuing decline in inpatient volumes and rising charity care. The total cost of charity care provided by MetroHealth last year was up $9 million over the previous year.
SOURCE: MetroHealth
WRITER: Diane DiPiero
All the while, the hospital system has kept its eye on sustainable business practices that resulted in a budget surplus last year. MetroHealth currently has about 6,000 employees.
Revenue over expenses for MetroHealth in 2010 totaled $27 million, and operating income decreased from $37.7 million in 2009 to $23.8 million last year. These numbers are in keeping with the health system's goal of maintaining sustainable business practices, which, according to MetroHealth CEO and president Mark Moran, means being able to support the hospital's mission of providing high-quality and affordable care.
Throughout 2011, MetroHealth will be addressing challenges that include a continuing decline in inpatient volumes and rising charity care. The total cost of charity care provided by MetroHealth last year was up $9 million over the previous year.
SOURCE: MetroHealth
WRITER: Diane DiPiero