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At Last! An Affordable Plan to Own a Home!

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 second mortgage loan that is interest free with deferred payments;
  • 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 a single-family or two family structure that is vacant and in need of repair.

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.

 Household Size

Max. Household Incomes
 

 1

$26,500

 All higher
incomes
qualify for
a $5000
AAH loan

 2

$30,000

3

$33,750

4

$37,500

5

$40,500

6

$43,500

7

$46,500

8 or more

$49,550

 Maximum AAH Loan

 15% of total cost up to $10,000

 $5,000

 Location

 City Wide

AAH Program Target Areas

If your income falls within the yellow section of the chart, you may purchase a home in any Cleveland neighborhood, provided that the repair costs total at least $25,000 in a single-family home or $30,000 in a two-family home.

If your income falls within the gray section of the chart, you may purchase a house meeting the minimum repair standards noted above if it is located in an AAH Program Target Area. However, you may purchase a house outside of the target area only if serious health and safety violation exist.

Example:
If you have a family of four and an annual income of $37,000, then you can purchase a house anywhere in Cleveland and qualify for an AAH loan that covers 15% of the purchase-repair cost. 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
 

 $ 9,000
 15% AAH loan
 Bank Loan

$49,200
 

If the bank's reduced interest rate to you is 8.5%, your monthly payments on this loan would be $378.31.

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 664-4217 or one of the neighborhood housing organizations listed on the following table.


Participating Neighborhood Organizations
Broadway Area Housing Coalition
5620 Broadway Avenue
Cleveland, OH 44127
429-1182
Buckeye Area Development Corporation
11802 Buckeye Road
Cleveland, OH 44120
491-8450
Cleveland Housing Network
4614 Prospect Avenue
Cleveland, OH 44103
391-5481 
Collinwood Village
15415 Kipling Avenue
Cleveland, OH 44103
431-3461 
Famicos Foundation
7049 Superior Avenue
Cleveland, OH 44103
431-3461 
Glenville Development Corporation
540 East 105th Street
Cleveland, OH 4418
851-8724 
Hough Area Partners in Progress
8610 Hough Avenue
Cleveland, OH 44106
229-4277 
Mt. Pleasant NOW Corporation
13815 Kinsman Rd.
Cleveland, OH 44120
751-0023 
NOLASCO Housing Corporation
1370 West 69th Street
Cleveland, OH 44102
281-1280 
Ohio City Near West Development Corporation
2525 Market Street
Cleveland, OH 44113
781-3222 
Union-Miles Development Corporation
9119 Miles Avenue
Cleveland, OH 44105
341-0757 


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