Approximately 160 families, lower-income renters, who have a solid history of paying their rent on time (some for as many as 15 years) will have the opportunity to purchase their homes with an NHSGC 1st mortgage product. Terms include mortgages of up to $15,500 at 6.5% interest for 15-years. The strategy is intended to complement the city’s efforts to stabilize and reinvigorate center-city neighborhoods, which includes selective demolition and significant infrastructure improvements. The financial stability and wealth-building opportunity these families will gain will provide stronger motivation than ever to be an integral part of turning around the neighborhoods that they already call home. Partners in the project include the Cleveland Housing Network, Enterprise Community Partners, the city of Cleveland and various CDCs.
Cleveland Housing Network offers an in-depth how-to manual to help other organizations structure effective projects. In addition, CHN now offers consulting and program services for others with existing portfolios, or those who are interested in developing new Lease Purchase projects. View Lease Purchase Manual here.
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