ST. PETERSBURG, Fla. — A nonprofit lender is helping Florida homeowners finance major home repairs, including air conditioning systems, roofs and impact windows, as costs can reach thousands of dollars.
For Yolanda Jenkins, the need was immediate.
Her St. Petersburg home is also the child care center she operates every workday, making the house both her first home and the source of her income.
When her air conditioning stopped working, Jenkins said she was told the entire unit needed to be replaced.
“It went completely out. So it was hot. And he said I needed a whole new unit,” Jenkins said.
It was the third time Jenkins had to replace an air conditioning unit. This time, she turned to the Solar and Energy Loan Fund, or SELF, to finance the work.
“Especially since you have a business you’re running in here,” Jenkins said. “So it’s very important. And when you may not have the funds to do certain things when your home breaks down.”
SELF loan program manager Richard Montoya said air conditioning is a critical need for Florida homeowners.
“In Florida, one thing that we always say is in this state, air conditioning is not a luxury, it’s a necessity,” Montoya said.
He added the need extends beyond air conditioning. He said rain has led more homeowners to seek financing for roof repairs.
“Right now with the rain currently, my phone is ringing off the hook for roofs because people will put them off as long as they can,” Montoya said.
SELF is a nonprofit community development financial institution that finances home repairs and helps borrowers connect with vetted contractors. The organization said more than 500 households in St. Petersburg and Pinellas County have received financing through the program. Montoya said SELF evaluates borrowers differently than many traditional lenders.
“What we’re looking for is for that person to have disposable income,” Montoya said. “So we do not have a minimum credit score requirement.”
Borrowers still have to show they can repay the loan, including being current on their mortgage, property taxes and installment loans. Montoya said qualifying borrowers receive the same interest rate regardless of credit score.
“The interest rate is the same for everybody,” Montoya said.
For Jenkins, restoring the air conditioning meant keeping her home-based child care business running.
“Because this is my income as well,” Jenkins said. “And you got to have, you know, running lights, water, air for the kids to be comfortable while they’re in your home.”
With the repair completed, Jenkins said she is looking at ways to grow the day care business her home makes possible.
“I can go large now,” Jenkins said. “And when you go large, you go from six to 12 kids and you have to hire an employee.”
SELF said its home-repair financing is available year-round across Florida.
The nonprofit also finances repairs for manufactured and mobile homes, where owners can face fewer traditional financing options.