Equity line offer for homes with universal design
9 February 2009
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When Chelen Reyes was approached about a lending program tied to universal-design remodeling, the vice president of marketing and business development for Suffolk Federal Credit Union wondered how such an initiative would apply to his own family.
Reyes said he thought about navigating his house with his own two daughters, ages 9 and 2. “I thought about trying to open doors with the younger one in my arms and carrying something else,” he said.
Reyes, 36, could envision bath time, and one of the girls turning on the hot water by mistake. “When I thought about it, I realized universal design doesn’t appeal to just one segment of the population but to all segments.”
Such appeal is the major reason Suffolk Federal Credit Union plans to offer a home-equity line of credit for home improvements that follow universal-design concepts. The offer is part of the Suffolk Community Council’s new enterprise, Universal Design Long Island. Guidelines for the loans have yet to be determined, Reyes said, but should be completed in about 45 days. Some of the same rules that apply to the lender’s conventional home-improvement loans, including a cap of 80 percent of the home’s value, will be in place, he said.
Universal design is a concept that promotes accessibility, safety and ease of use, especially for older or disabled residents. Features range from nonslip flooring to rollout drawers and step-free entrances.
“There’s an increasing aging population of baby boomers and an aging population in general,” said Judy Pannullo, executive director for the Suffolk Community Council, a Hauppauge-based nonprofit. “That tells us there’s a need for universal design.”
Pannullo’s group approached the credit union in January with the idea of home-improvement loans tailored to universal design, Reyes said.
When compared to conventional building practices, the cost of universal design is negligible, said Cindy Smith, executive director for the council’s Universal Design Long Island initiative. “When you think about it, it’s an easy thing to do,” Smith said. “And it also addresses home safety; many universal-design concepts automatically make the home safer for children and seniors.”
The credit union has six Long Island locations, and membership is open to anyone who lives, works or worships in Suffolk County, Reyes said
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