In Warren, a councilman found a creative financial way to multiply American Rescue Plan Dollars so the money could help folks in two wards for years to come.
 
Councilmen Greg Greathouse and Jim Shaffer invited folks from the Third and Fourth Wards to the fire station on Atlantic Street NorthEast.
 
They explained their proposal to pool American Rescue Plan dollars together to team up with 7/17 Credit Union to leverage that money into a revolving loan fund.
 
"The councilmen put up their funds of this grant money, and we are hoping to turn that $700,000 into $7,000,000, so we're going to keep lending until our losses are maintained," Daniel Harp, Chief Lending Officer for 7/17 Credit Union explained.
 
Under their proposal that money would be loaned to folks with low to moderate incomes for outdoor home repairs and improvements in the third and fourth wards.
 
Councilman Greathouse says this fund will help make a new roof, or windows more affordable and go a long way in sprucing up the neighborhoods while reducing the odds of an abandoned home and blight.
 
 "These funds can be used for siding, roofing, windows, driveways, landscaping, take down a tree, put up a tree, anything for the home's exterior," Warren Councilman Greg Greathouse emphasized.
 
7/17 Credit Union being a good community partner has greatly reduced its administrative fees, when other lenders wouldn't, to help residents in Warren.
 
The loans as proposed would be for up to $10,000 and would be administered by the credit union with a low monthly payment to repay the loan.
 
"We put this program together. We were hoping for $100, so even if you needed $5,000 you would be paying around 106 dollars. If all $10,000 it will be around $120.00. We try to keep it affordable around the 100 dollar mark," Harp added.
 
There are safeguards added so estimates for the project cost will be required, and the check will be paid to the contractor for work that's done.
 
The proposal is on the agenda for the September 11th meeting and requires city council approval to begin. 
 
There are hopes if this loan program is successful it might be expanded to other wards.