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VIEWS: 11 PAGES: 2

									            Participating
            Communities                                                                D
                                                                                       D
                                                                                                Cuyahoga County
                                                                                            Department of Development
Bay Village
Beachwood
Bedford
                              Middleburg Hts.
                              Moreland Hills
                              Newburgh Hts
                                                                                       O
                                                                                       O
Bedford Hts.
Bentleyville
Berea
                              North Olmsted
                              North Randall
                              North Royalton
                                                                                       W
                                                                                       W
Bratenahl Village
Broadview Heights
Brook Park
                              Oakwood Village
                              Olmsted Falls
                              Olmsted Twp.
                                                                                       N
                                                                                       N
Brooklyn
Brooklyn Hts.
Chagrin Falls Twp
                              Orange Village
                              Parma*
                              Parma Hts.
                                                                                       P
                                                                                       P
Cleveland Heights*
Cuyahoga Hts.
Euclid*
                              Pepper Pike
                              Richmond Hts.
                              Rocky River
                                                                                       A
                                                                                       A
Fairview Park
Garfield Hts.
Gates Mills
                              Seven Hills
                              Shaker Hts.
                              Solon
                                                                                       Y
                                                                                       Y
Glenwillow Village
Highland Hts.
Highland Hills
                              South Euclid
                              Strongsville
                              University Hts.
                                                                                       M
                                                                                       M
Independence
Linndale
Lyndhurst
                              Valley View
                              Walton Hills
                              Warrensville Hts.
                                                                                       E
                                                                                       E
Maple Hts.
Mayfield Hts.
                              Westlake
                              Woodmere                                                 N
                                                                                       N
                                                         Department of Development




Mayfield Village              *limited funds available
                                                         112 Hamilton Ct., 4th Floor




                                                                                       T
                               for these communities
Loan limits per community apply
                                                                                       T
                                                         Cleveland, OH 44114




            Commissioners
                                                         Cuyahoga County




            Jimmy Dimora
            Timothy F. Hagan
            Peter Lawson Jones
                                                         John Spotts




Contact Information :


                                                                                           Assistance
John Spotts
Cuyahoga County
Department of Development
112 Hamilton Ct., 4th Floor
Cleveland, OH 44114
Phone: 216-443-3163
Fax: 216-443-7258
Ohio Relay Service 711
Email: jspotts@cuyahogacounty.us
       For additional information, visit:
                                                                                               “ Own a Piece of the
     www.development.cuyahogacounty.us                                                          American Dream”
        Down Payment Assistance Program
          Improving Sustainability in our Housing Stock
The Down Payment Assistance Program is              Eligible Homes                                     Loans available from the
available to income qualified first-time home-      y Single family, owner-occupied only.
buyers for the purchase of a home in one of
                                                                                                       Down Payment Assistance
fifty-three (53) suburban communities (see
                                                    y Existing houses or new construction.             Program include:
back inside panel). Three types of loans are        y Property must be occupied by the seller, or
available for first time homebuyers as part of        vacant for at least 90 days before closing.      Deferred Loan
the Down Payment Assistance Program.                                                                   The loans are deferred until the homeowner
                                                    y Property must be inspected by the city /         sells the home or the title transfers. The loans
Maximum assistance available can not exceed           village for code violations, and by County       are 50% forgivable after 5 years of occupancy.
$10,000. Assistance is provided in the form of        staff for defective paint.
a deferred or forgiven loan and need not be         y Code violations and defective paint must         Vacant/Abandoned Loan
repaid until re-sale or transfer of the property.     be corrected before the buyer can take           The Vacant/Abandoned loan program pro-
                                                      title or occupy the house.                       vides first–time home buyers with an oppor-
Buyer Participation                                                                                    tunity to purchase a vacant or abandoned
y Buyers are required to participate in free        Eligible Households                                property in one of the participating commu-
  confidential in-person pre-purchase coun-                                                            nities listed.
  seling from an FHA-approved counseling            y Homebuyers may not have owned a home
                                                      in the past 3 years except Diversity Oppor-      y 100% forgiveness will be provided after 5
  agency and,                                                                                            years of occupancy.
                                                      tunity purchases and displaced homemak-
y Attend free home maintenance training               ers.                                             y The home must be recognized as vacant /
  approved by the County.                                                                                abandoned by the local building department.
                                                    y Homebuyers must occupy the dwelling as
y Contribute 3% of purchase price into the            their primary residence.                         y Borrowed funds can be used for down pay-
  deal.”                                                                                                 ment, closing costs, and repairs.
                                                    y Many working families qualify for the loans.
                                                      Income guidelines are set by HUD and are         y Occupancy will not be permitted until the
                                                      subject to change yearly.                          local building department certifies that all
                                                    Eligible Costs                                       risks to health and safety have been con-
                                                    y Title search fee                                   firmed.
                                                    y Pre-purchase inspection
                                                                                                       Diversity Opportunity Loan:
                                                    y Recording Fees
                                                                                                       y Diversity Opportunity loans are available
                                                    y Buyer’s legal fees
                                                                                                         to individuals who purchase a home in
                                                    y Filing fees
                                                                                                         a community we serve with a qualified
                                                    y Closing costs
                                                                                                         census tract racially underrepresented.
                                                    y Credit reports
                                                                                                         Percentage of racial representation is based
                                                    y Appraisal
                                                                                                         on recent census data.
                                                    Rate, broker fee, origination fee, and points of
                                                    the first mortgage must not be excessive for       y 100% forgiveness will be provided after 5
                                                    the type of mortgage obtained by the buyer:          years of occupancy.
                                                    conventional, VA, or FHA. No balloon pay-          y This program may not be available in all of
                                                    ment or prepayment penalty allowed.                  the participating communities listed.

								
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