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

Michele Iacobelli Buckholtz has treasured memories of going to lunch with her dad in Little Italy. He grew up here when it was an Italian neighborhood with markets on nearly every corner. She soaked up the old neighborhood during these childhood visits.

Today, Buckholtz is recreating the tradition of the small Italian market -- with a contemporary twist. She recently renovated an historic storefront at Murray Hill Road and Paul Avenue in Little Italy. It reopened as the Murray Hill Market, which is open seven days a week for lunch and dinner and carries fresh produce and groceries.

Patrons of the Murray Hill Market can expect something new with each visit. The specials change daily, based on fresh ingredients and the chef's whim. Some favorites appear consistently, however. Buckholtz offers meatball subs every Thursday, relying upon her mother's recipe of course.

Little Italy has changed since Buckholtz's father grew up here -- there are fewer Italian families now, more students and empty nesters. The small, corner markets have all but disappeared. Yet with the growth of University Circle and sharp condos sprouting up in Little Italy, demand exists for a contemporary market, Buckholtz says. She considers it part of her mission to provide fresh, healthy foods to area residents and employees, an amenity she says is lacking at other neighborhood stores.

The Murray Hill Market is also spicing up the food offerings in Little Italy. Although Italians are no longer the predominant ethnic group here, the restaurants along Mayfield and Murray Hill Roads still offer mostly Italian fare. While Buckholtz specializes in Italian foods, she also offers an array of other ethnic foods, including Jewish and French pastries, Middle Eastern dishes, and Puerto Rican rice and beans.


Source: Murray Hill Market
Writer: Lee Chilcote

Brandon Chrostowski, GM at L'Albatros restaurant in University Circle, made his way from Detroit to Cleveland -- via Chicago, Paris and New York. Now, you couldn't pry the guy out of here with a crowbar. As usual, you can blame -- or credit -- the move on a girl.

Scott Colosimo had a dream to produce a stripped-down '60s-inspired motorcycle that looks like a million bucks but costs less than $5,000. Guess what? He pulled it off, launching a growing company called Cleveland CycleWerks.

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.