Cuyahoga Land Bank Launches Advantage Plus Loan Program in Euclid

The Cuyahoga Land Bank has recently launched the Advantage Plus Loan Program in the City of Euclid, which builds upon the Land Bank’s Owner Occupant Buyer Advantage Program (OOBAP). The OOBAP is designed to make it easier for individuals and families to get a great deal on a property to own and live in.  Both the City of Euclid and Neighborhood Housing Services of Greater Cleveland (NHSGC) have signed on as partners for this new “loan” program.
The new Advantage Plus Loan Program, is geared specifically toward prospective owner-occupiers – people that want to rehabilitate a property in order to make it their home.
euclid_houseWorking with OOBAP since it was launched in August 2012, the Cuyahoga Land Bank has realized that even with preferences set up for potential owner-occupant buyers through the program, there are still financial barriers that make purchasing a home to renovate difficult for some buyers.   The Advantage Plus Loan Program helps address this financial challenge by assisting with the expense of home repairs.
The Advantage Plus Loan Program  will offer low-interest, short term “loans” on houses in the City of Euclid.  Qualified owner-occupant buyers in the Advantage Plus Loan Program may receive up to $10,000 in renovation work that the buyer and the Cuyahoga Land Bank agree must be completed to meet the Land Bank’s Housing Quality Standards and any applicable municipal Point-of-Sale requirements for the property.  The owner-occupant will then have 2.5 years to repay the “loan” to the Cuyahoga Land Bank at a 2% interest rate.  The “loan” will be secured by a mortgage held by the Cuyahoga Land Bank.
The properties are placed in the Advantage Plus Loan Program for a select period of time so interested qualified buyers can make offers.  The Land Bank then selects the strongest offers.
The Cuyahoga Land Bank is partnering with the City of Euclid to launch this program because of the City’s ongoing commitment to improving neighborhood stability and the availability of homes that can potentially qualify for the program.  In addition, the City has passed a first-of-its-kind ordinance that exempts program participants from paying fees for needed permits and inspections, streamlining the permitting process.
The Cuyahoga Land Bank is also partnering with Neighborhood Housing Services of Greater Cleveland (NHSGC), who is a leader in providing home renovation loans.  As a partner for the Advantage Plus Loan Program, NHSGC will provide screening and underwriting services for the “loans” offered through the Advantage Plus Loan Program.
We sincerely thank the City of Euclid and NHSGC for partnering with us.
For more information and to view properties available in the Advantage Plus Loan Program, please visit
http://www.cuyahogalandbank.org/advantageplus

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