Low-interest home improvement loans are coming to a bank near you next year.

        Hamilton County Commissioner Todd Portune's plan to take a piece of the county's investment portfolio and buy down interest rates for homeowners whose property is in need of a fix-up was passed by Hamilton County commissioners, 2-1, Wednesday.

        About $28 million in loans — reduced by three percentage points with the county's help — will be available to anyone in the county and could help stop the county's loss of population and will improve aging homes in built-out neighborhoods, supporters say.

        Mr. Portune said he hopes about $10 million in loans are issued next year. Starting the program will cost the county about $100,000 in administrative costs.

        “The program benefits every jurisdiction in the county,” Mr. Portune said. “Our housing stock is only going to become less attractive unless people invest in it.

        “This is a catalyst for that.”

        Commissioner Tom Neyer supported the program, while John Dowlin voted against it, saying the county shouldn't take on additional spending until next year's budget is balanced. The county is about $11 million in the red for next year, and that's without pay increases for its 5,000 employees.

        Dale Weisker, president of the Cincinnati Area Board of Realtors, said it's a good deal for homeowners and for Hamilton County. The program will pay for itself, he said, with increased property values.

        “It's worked with mortgage rates, so I think people will think about (buying an older home) a lot more,” under the program, Mr. Weisker said. “It's one of many programs to try and get home ownership back on the plus side in Hamilton County.”

        Another such proposal is being made by the city of Cincinnati, which is thinking about waiving property taxes for 15 years for new home buyers.

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