It is possible to buy and repair a house in Cleveland
at prices you can afford. Afford-A-Home (AAH) is the program that
makes it happen for you!
AAH effectively reduces your monthly mortgage payments
to a reasonable expense by combining:
A local bank first mortgage loan at below market
interest rates;
An AAH interest free second mortgage with no repayment
while you live in the house;
A low down payment requirement - 3 %of the purchase,
repair and closing costs.
Here's How Afford-A-Home Works...
Local banks and neighborhood housing organizations
work with the City of Cleveland's Department of Community Development
to achieve your goal of home ownership
To qualify for the AAH Program, the house you find
must be vacant, and require repairs of at least $25,000 for a single-family
structure or $30,000 for a two-family structure.
Participating neighborhood housing organizations will
gladly show you the many home ownership opportunities available
in their communities. A rehabilitation specialist will identify
all housing problems and assure that repairs satisfy City building
and housing code standard - and these services are provided to you
at no cost.
An AAH loan will cover part of the cost of buying
and repairing the house of your choice. Your gross annual income
determines the maximum amount of assistance available to you.
Household Size
Max. Household
Income
1
$29,450
All Higher Incomes
2
$33,650
3
$37,850
4
$42,100
5
$45,450
6
$48,800
7
$52,200
8 or more
$55,550
Maximum
AAH Loan
See Below
$5,000
Location
Target/NON Target
Target Areas Only
Maximum loan assistance is based on the following:
$10,000 limit for those households whose annual
income is 60% or less of the median income.
$10,000 limit or 10% of project cost, whichever
is less, for those households whose annual income is 61% to 80%
of median income.
$5,000 limit for those households whose annual
incomes are 81 % or higher than the median income and are located
in the target areas.
Example:
If you have a family of four and an annual income
of $42,100, then you can purchase a house anywhere in Cleveland
and qualify for $5,000 AAH assistance. Here is an example of a
typical AAH loan package.
Purchase Price
$35,000
Repair Cost
$25,000
Project Cost
$60,000
$ 1,800
3% down payment
$ 5,000
AAH Loan
Bank Loan
$53,200
If the bank's reduced interest rate to you is 6.5%,
your monthly payments on this loan would be $336.26.
If you want to become a homeowner the easy, affordable
way, this is your opportunity. For more information, contact the
Department of Community Development at 664-4218 or one of the neighborhood
housing organizations listed below.
Buckeye Area Development Corp. 11802 Buckey Road
Cleveland, Ohio 44120
216-491-8450
