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

According to the latest census figures, roughly 30,000 Asian-Americans call Cuyahoga County home. Many of these folks live, work, shop and eat in Cleveland's AsiaTown neighborhood, which is loosely bordered by E. 30th and 40th streets and St. Clair and Payne avenues. Located in this dense district are numerous Asian-owned restaurants, markets and bakeries. Here are some of the stand-outs.

The St. Clair Superior neighborhood welcomed two new businesses recently, a café and a coffee shop, both in former factories, and both indicative of the forces that have been driving development in the area in recent years.

The 30th Street Café opened in Asia Plaza at East 30th and Payne, serving selections from Japanese, Thai, Vietnamese and Chinese cuisines. Owned by the Hom family, prominent local entrepreneurs, Asia Plaza is a two-story retail center that was once a manufacturing plant.

Across Superior, in a warren of brick buildings once devoted to elevator manufacturing, the aptly named Pulley's Coffeehouse is serving beverages and food from Artefino Café to the growing number of people working there. Now known as Tyler Village, the 1.2-million-square-foot, 25-building, 10-acre complex is one of the largest downtown redevelopment projects in the city's history, according to developer Graystone Properties. It currently houses a charter school, Digiknow, APG Office Furnishings, Analiza Medical Lab, Solutions at Work and an office of the Cuyahoga County Board of Developmental Disabilities, whose clients staff Pulley's.

"Tyler is definitely the biggest development [in the neighborhood], and it's driving a lot of the investment," says Jamar Doyle, project manager for the St. Clair Superior Development Corporation. But he adds that there's a history of entrepreneurship in the local Asian-American community, and points to the almost 40 Asian restaurants now serving the area.

St. Clair Superior Development also plans streetscape improvements next year, with grant money from the Northeast Ohio Area Coordinating Agency.


Source: St. Clair Superior Development Corporation
Writer: Frank W. Lewis

Despite the unstoppable march of progress from analogue to digital, vinyl records are making an undeniable comeback. And catering to that expanding market is Cleveland's own Gotta Groove Records, one of only a handful of existing vinyl pressing plants in the United States. Make that, the world.

The Civic Commons is a modern-day marriage of online technology, citizen journalism, and civic collaboration. The mission? To inform, engage and lead local residents to action on any number of weighty topics. Our guides: Dan Moulthrop and Noelle Celeste.