CuyahogaCommunityLand Trust

Homebuyer Initiated Program

In the Homebuyer Initiated Program, mortgage-qualified CCLT clients can choose from new construction homes in the city of Cleveland or homes that have been rehabilitated through the Cleveland Housing Network’s Homeward Program. CCLT will work to recruit potential homebuyers, help them become mortgage qualified through in-house services and referrals for homebuying classes, and provide write-down funds to reduce the cost of their home to an affordable level. CCLT will work with housing developers and lenders to increase understanding and acceptance of the Land Trust program. CCLT’s outreach efforts for this pilot phase of the Homebuyer Initiated Program will be focused in three neighborhoods of Cleveland: St. Clair Superior, Stockyards, and Detroit Shoreway.

Funds available for this program:

$120,000 in write-down funds for a total of 4 houses. Likely use of funds:

2 new construction homes with $35,000 write-down

2 rehabs with $25,000 write-down

$2000 per household for downpayment assistance.

Proposed collaboration between the Cuyahoga Community Land Trust (CCLT) and St. Clair Superior Development Corporation (SCSDC)

Goals:

  • To increase utilization within the St. Clair Superior community of the organizations’ initiatives in sustainable affordable homeownership.
  • To easily make available within the community accessible, objective information to help renters achieve sustainable homeownership while sidestepping high-cost or high-risk homeownership methods.
  • To increase awareness and usable information among current homeowners and neighbors of predatory marketing and lending practices in home purchase, rehab, and refinance lending.
  • To explore collaborative marketing between the two organizations to maximize joint efforts.

CCLT will work with SCSDC to accomplish the following through December 2005:

  • Make 8-10 presentations to community groups, with assistance from SCSDC in identifying venues and facilitating access, including but not limited to block club and other neighborhood meetings, community events, churches, employment sites,etc.
  • Prepare and implement separate presentation components that can be used separately or in combination to customize presentations for specific groups or needs, i.e.
  • becoming a Land Trust member or homebuyer
  • qualifying for a SCSDC home purchase through CCLT
  • identifying and combating predatory rehab and refinance practices that prey upon neighborhood homeowners and lead to excessive costs, loss of equity, and foreclosure
  • Cooperatively create ways to extend the reach and ongoing access of the presentations’ information for a longer time within the community
  • Collaborate with SCSDC to piggyback with each other in combined marketing efforts such as current materials andjoint community presentations.
  • Establish ongoing collaboration to evaluate and facilitate these efforts.

August 8, 2005