Neighborhood Housing Services of Greater Cleveland announces City Lift down payment assistance program

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Neighborhood Housing Services of Greater Cleveland announces City Lift down payment assistance program

NHS of Greater Cleveland recently hosted a press conference at a home the Cuyahoga Land Bank deeded over to Kamm’s Corners Development Corporation to announce the availability of $3.7 million of down payment assistance available exclusively in the City of Cleveland. These funds will be available to qualified home buyers as a forgivable, second mortgage of $15,000 per home purchased.

CityLIFT is a Down Payment Assistance (DPA) program funded by a Wells Fargo Bank and Wells Fargo Foundation in partnership with NeighborWorks® America. CityLIFT provides $15,000 in down payment assistance to eligible homebuyers who are purchasing a home within the city limits of Cleveland. The CityLIFT down payment assistance funds will be disbursed at closing. These funds will be in the form of a mortgage secured by the property being purchased. CityLIFT is a 0% interest grant and if its conditions are satisfied it will be forgiven at 20% each year for five years. The grant will cease and the prorated balance will become due, payable upon demand, if the property is sold, refinanced, transfer of title, foreclosure or other default occurs within the first 5 years.

In order to be eligible for CityLIFT down payment assistance, the homebuyer(s) must:
Have a household income not to exceed 120% of the Area Median Income for Cleveland when the first mortgage is a conventional loan, or
Have a household income not to exceed 115% of the Area Median Income for Cleveland when the first mortgage is an FHA loan.
Completed an 8 hour NHSGC Homebuyer Education Course.
Purchase a home within the city limits of Cleveland.
Agree to maintain the home as a primary owner occupant residence for the five year period.
Obtain a first mortgage loan from an approved CityLIFT lender.
More details regarding the CityLIFT Cleveland program are available at NHSGC’s website.