Cleveland Heights, Ohio, is launching a new program to attract new residents by offering financial assistance for down payments and loans to eligible first-time homebuyers. The program, funded by the American Rescue Plan Act (ARPA), aims to make homeownership more accessible and contribute to the city's growing diversity and vibrancy.
Cleveland Heights is taking steps to attract new residents by offering financial assistance as a home-buying incentive. This program, funded by the American Rescue Plan Act ( ARPA ), is expected to launch within the next month and will provide support for down payments and potentially loans to eligible first-time homebuyers. While the application portal is not yet active, city officials want to inform potential applicants about the program's requirements and benefits.
To qualify for the assistance, applicants must meet specific income guidelines set by the U.S. Department of Housing and Urban Development (HUD). These guidelines vary based on household size and are subject to annual updates. Applicants must also demonstrate financial responsibility by contributing a minimum of 3.5% of the purchase price towards their first mortgage. Additionally, they need to complete pre-purchase and home maintenance counseling from a HUD-approved agency, secure mortgage approval from a lender, and ensure the property meets certain code and safety standards.The program offers up to $30,000 in forgivable down payment assistance for single-family homes and up to $50,000 for two-family homes. A portion of the assistance (50%) will be forgiven over a five-year period for households meeting certain income thresholds. The remaining funds will be provided as a deferred payment, 0% interest loan, repayable upon resale, transfer of ownership, or if the property becomes absentee-owned. The loan is secured by a second mortgage held by the City of Cleveland Heights. Cleveland Heights City Council President Tony Cuda emphasized the program's aim to expand homeownership opportunities and enhance the city's vibrant and diverse community
HOMEOWNERSHIP FINANCIAL ASSISTANCE CLEVELAND HEIGHTS OHIO ARPA DOWN PAYMENT ASSISTANCE CITY COUNCIL
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