Author: Micah Winship
Over the coming weeks, the sun will shine, the snow will melt and you may be considering a home improvement project. Unfortunately, it’s also possible that the sun will shine, the snow will melt and you’ll find water in your attic, or your basement, and you’ll be scrambling to get it fixed. Hopefully winter’s trail isn’t found inside your home, but in any case, all homeowners at some point face the question: “Where should I go to finance my project?”
There are two options that everyone seems to know about: traditional banks and credit unions. If you are a resident of the City of Buffalo, west of Main Street, there is a third option: West Side and Black Rock-Riverside NHS.
Unlike a bank or a credit union, which provides the funding you need for your project but then leaves you to your own devices while determining how to get it done, West Side & Black Rock-Riverside NHS leads you through the entire process. Their Construction Specialists will inspect your home and prepare an independent estimate so that you know what’s wrong, what needs to be done to fix it, and how much it’s going to cost.
While, ultimately, the decisions are your own to make, they’ll help you find licensed and insured contractors to submit proposals for the work and review them with you to make sure everything is covered. Once you’ve selected your contractor and the project begins, they will inspect the work to ensure that you’re satisfied when it’s complete, and even facilitate payments to your contractor so that you don’t have to worry about handling or losing money – something many homeowners fear.
One restriction of the program is that the repairs must primarily address health and safety concerns – meaning lavish, cosmetic alterations aren’t possible.
The benefit of having a construction expert on your side is illustrated by this event: “I had a client who called with a $7,000 estimate from a contractor to repair her foundation that was leaking water. After inspecting the foundation, it turned out that it was fine, but the exterior grade was sending water towards the foundation wall. Rather than spending $7,000 on a waterproofing job, the client bought top soil to divert the water away, and with minor foundation patching, they stopped the leak.” – Bill Buzak, Construction Specialist.
The construction monitoring service is only 5% of your project cost and is financed in the loan. While that may seem like a lot of money, homeowners contracting through West Side and Black Rock-Riverside NHS often save 20-30% on their project when compared to quotes or estimates received before applying. The technical assistance provided also results in an inspection of the home for other concerns, such as building code violations and maintenance issues, which, when funding allows, are taken care of as part of the original project.
The financial element of the loan is wonderful too. Decisions on loan approval, along with the financial structure of the program, are made by a Loan Committee. Members of the Committee come from a variety of backgrounds, including financially savvy employees of our neighborhood banks and concerned residents, like you, and are always volunteers dedicated to helping the community. This structure helps to maintain a successful program that can continue to be a resource for the community. The interest rate is continually reassessed to make sure that it is competitive and desirable while still bringing back enough funds to keep the program available for future applicants.
The Loan Committee also sets the term of your loan to ensure an affordable monthly payment. Even with the construction monitoring services that come with the loan, the only up-front or out-of-pocket cost to you is a $100 application fee.
Buffalo has an aging housing stock that, though beautiful, means residents need all the help they can get to keep their homes safe, efficient, and healthy.
West Side and Black Rock-Riverside NHS’ history is rooted in helping the community by promoting successful homeownership for the past 35 years. People from all backgrounds and income levels should feel comfortable approaching them to see how they can help and I hope this article encourages that.
Their priority has always been, and will always be; to service the community and their Home Improvement Loan Program reflects that.
If you’re interested in applying, call 716-877-3910 and ask for Julie Sands or Micah Winship.