Detroit Shoreway - Detroit Shoreway Loan Programs & Assistance

Nonprofit Organizations'
Products & Services

City of Cleveland Rehab
Loans & Inventives

For Resident programs and assistance, click here.

Storefront Renovation Program

Storefront Renovation Program (SRP) offers technical, design and financial assistance to commercial property owners whose retail (storefront) buildings are located in the Detroit Shoreway neighborhood. The goal of the SRP is to assist commercial property and business owners in achieving a comprehensive exterior rehabilitation that not only provides an aesthetic visual impact to the retail district, but makes the businesses operating within the storefront(s) competitive in Cleveland’s regional shopping market. The SRP offers a 40% rebate (up to $25,000) to the property owner upon completion of construction per design standards and labor/wage requirements. Call Nick Fedor, Director of Economic Development, at 216-961-4242 to learn more.

Neighborhood Retail Assistance Program

601 Lakeside Avenue
Weekdays 8 am to 5 pm
(216) 664-3720

The Neighborhood Retail Assistance program or ‘NRAP’ program is structured to provide grant and loan assistance (up to $40,000) to small retail-related businesses and targets projects which will upgrade the exterior appearance and feel of retail districts. These projects include landscaping, lighting and signage, enhancements which have proven to have a positive effect on the economic vitality, vibrancy, and image of a community.

Private Loan Program Products & Services

Call Matt Lasko, Director of Housing, at 216-961-4242
or mlasko@dscdo.org for information about all of the products and services below.

Charter One Bank

(A) EZ Home Improvement Loan

Loan Amounts	Maximum Term	Interest Rate	Loan-to-Value Ratio	2nd Mortgage Required	Maximum Debt Ratio
Minimum - $1,000 Maximum - $10,000	$1,000 loan – 12 to 36 months $1,001 plus – 12 to 84 months	3% for $1,000 loan 6% for 1,001 loan plus	N/A	No	Cannot exceed 45%

Fees	Income Restrictions	Investor Owner	Geographic Restrictions	Type of Home
None	Less than 80% Area Median Income No restrictions if located in low-to-moderate income neighborhood	No	Must be in low- to-moderate income census tract if income exceeds 80% of area median income	Owner Occupied 1-4 Unit Home or Condo

* Program is available for home improvement purposes. Applicant must reside in a low- to-moderate income census tract or have an income at 80% or less of area median income. Interest rates are subject to change.

(B) Energy Efficiency Loan

Loan Amounts	Maximum Term	Interest Rate	Loan-to-Value Ratio	2nd Mortgage Required	Maximum Debt Ratio
Minimum - $1,000 Maximum - $10,000	12 to 84 months	3% for $3,000 5% for $3,001-$10,000	N/A	No	Cannot exceed 45%

Fees	Income Restrictions	Investor Owner	Geographic Restrictions	Type of Home
None	Less than 80% Area Median Income No restrictions if located in low-to-moderate income neighborhood	No	Must be in low- to-moderate income census tract if income exceeds 80% of area median income	Owner Occupied 1-4 Unit Home or Condo

* Program is limited to home improvements loans that increase the home’s energy efficiency. Contractor’s estimates are required. Applicant must reside in a low-to-moderate income census tract or have income at 80% or less of area median income. Interest rates are subject to change.

For additional information, please call any local Charter One bank branch.

Dollar Bank

(A) Home Works Home Improvement Loan

Loan Amounts	Maximum Term	Interest Rate	Loan-to-Value Ratio	2nd Mortgage Required	Maximum Debt Ratio
Minimum - None Maximum - $50,000	180 months	Market Rate	125%	Yes	40%

Fees	Income Restrictions	Investor Owner	Geographic Restrictions	Type of Home
Appraisal fee (if required: $140)	N/A	No	None	Owner Occupied 1-4 Unit Home or Condo

* No home equity required. No obligation fees. No closing costs. No prepayment penalty. For additional information visit any Dollar Bank branch or call 1-800-242-BANK

Fifth Third Bank

(A) Streamline 203K Rehabilitation Program

Loan Amounts	Maximum Term	Interest Rate	Loan-to-Value Ratio	2nd Mortgage Required	Maximum Debt Ratio
$271,060	30 Years	Set Daily	Based on after approved value	N/A	Determined by auto underwriting system

Fees	Income Restrictions	Investor Owner	Geographic Restrictions	Type of Home
Call for additional information	None	None	None	1-4 Unit Primary Residence

For additional information please contact Tim Gossman at (216) 274-5428 or via email by tim.gossman@53.com or contact Randy Koepsel at (440) 461-5747 or via email at randykoepsel@53.com.

First Merit Bank

(A) Home Style Renovation Mortgage

Loan Amounts	Maximum Term	Interest Rate	Loan-to-Value Ratio	2nd Mortgage Required	Maximum Debt Ratio
Minimum - $25,000 Maximum - $417,000	30 years	Set Daily	95% - 1-2 Unit 75% - 3-4 unit	No	Determined by auto underwriting system

Fees	Income Restrictions	Investor Owner	Geographic Restrictions	Type of Home
$350 application fee	None	Yes	None	1-4 unit owner occupied 1 unit second home

(B) Streamline 203K Rehabilitation Program

Loan Amounts	Maximum Term	Interest Rate	Loan-to-Value Ratio	2nd Mortgage Required	Maximum Debt Ratio
Call for Details	30 years	Set daily	96.50% - for purchase 97.75% - refinance	No	31/43 or determined by auto underwriting system

Fees	Income Restrictions	Investor Owner	Geographic Restrictions	Type of Home
$350 application fee	None	Yes	None	1-4 unit primary residence

For additional information, please call Roy Buser at (216) 688-0756 or via email at roy.buser@firstmerit.com.

Huntington National Bank

(A) Community Access Mortgage

Loan Amounts	Maximum Term	Interest Rate	Loan-to-Value Ratio	2nd Mortgage Required	Maximum Debt Ratio
80% ami or property is in low/moderate income area Maximum - $417,000	30 year fixed	Call for rates	95% - for 1 unit 90% for 2 units	No	31/40

Fees	Income Restrictions	Investor Owner	Geographic Restrictions	Type of Home
$350 application fee 5% - ($500 must be from borrowers own funds)	No	No	Must be in Huntington target area – call for details	1-2 units only

For additional information, please call Nelson Custer at (216) 515-6963 or via email at Nelson.Custer@huntington.com.

Key Bank

(A) 203K Program

Loan Amounts	Maximum Term	Interest Rate	Loan-to-Value Ratio	2nd Mortgage Required	Maximum Debt Ratio
Call for details	Max rehab amount $35,000	Call for rates	Max 97%	No	Consider to 40%

Fees	Income Restrictions	Investor Owner	Geographic Restrictions	Type of Home
1/2% up to $1,000	No	No	None	1-4 units owner occupied

For additional information, please call Eddy Chatmon at (216) 692/8112 or via email at Eddy_Chatmon@keybank.com or Maria Anderson at (216) 410-5950 and via email at Maria_I_Anderson@keybank.com.

PNC Bank

(A) FHA 203K Streamline

Loan Amounts	Maximum Term	Interest Rate	Loan-to-Value Ratio	2nd Mortgage Required	Maximum Debt Ratio
Maximum - $298,750	30 years	Fixed rates: 3/1 & 5/1 arms available	96.5%	No	31/43 with energy efficient repairs

Fees	Income Restrictions	Investor Owner	Geographic Restrictions	Type of Home
3.5% down payment required 1.5% cost of repairs	None	No	None	1-4 unit owner occupied primary residence

For additional information, please call Terrence McChrystal at (216) 222-3591 or via email at Terry.McChrystal@pncmortgage.com.

U.S. Bank

(A) American Dream with Repair Escrows

Loan Amounts	Maximum Term	Interest Rate	Loan-to-Value Ratio	2nd Mortgage Required	Maximum Debt Ratio
Maximum – 90% of purchase price	30 years	.125% below 30 year fixed rate	Cannot exceed 110%	No	35/41

Fees	Income Restrictions	Investor Owner	Geographic Restrictions	Type of Home
Fees related to inspection and title	Less than 80% HUD area median income if not in low-to-moderate income area	No	None	1-4 unit primary residence

For additional information, please call Laura Malone at (216) 475-7812 or via email at laura.malone@usbank.com.

Nonprofit Organizations' Program Products & Services

Cleveland Action to Support Housing
Cleveland Action to Support Housing (CASH) formed as a non-profit in the 1970’s with the mission of encouraging revitalization in Cleveland neighborhoods. CASH collaborates with local lenders to provide home rehabilitation loans to homeowners at low interest rates. CASH will also assist in qualifying contractors and ensuring that you receive a fair price for your home repairs.

(A) Cleveland Action to Support Housing

Loan Amounts	Maximum Term	Interest Rate	Loan-to-Value Ratio	2nd Mortgage Required	Maximum Debt Ratio
Minimum - $3,000 Maximum - None	12 years	2.7%*	125%	Yes	45%

Fees	Income Restrictions	Investor Owner	Geographic Restrictions	Type of Home
1% of amount borrowed for single family 2% of amount borrowed for 2+ units	None	Yes	City of Cleveland	Single Family Home Apartment Buildings

For additional information please contact Cora Donley at (216) 621-7350 or by email at cdonley@cashcleveland.org or visit www.cashcleveland.org. * Interest rates adjusted quarterly.

Heritage Home Program (HHP)
The Heritage HomeProgram is a program of the Cleveland Restoration Society, a nonprofit501(c)(3) community organization that uses the powerful tool of historicpreservation to revitalize our City’s neighborhoods. Founded in 1992, theHeritage Home Program provides free technical advice and low-interest,fixed-rate financing for home repairs and upgrades.

(A) Heritage Home Program

Loan Amounts	Maximum Term	Interest Rate	Loan-to-Value Ratio	2nd Mortgage Required	Maximum Debt Ratio
Minimum - $3,000 Maximum - $250,000	12 years	1.4% fixed rate	85%-90%	Yes	45%

Fees	Income Restrictions	Investor Owner	Geographic Restrictions	Type of Home
$125 Key Bank Loan Origination Fee Please see website additional information about HHP fees	None	Yes (1-3 units)	See website for HHP's current operating areas	Any homes that are 50 years of age or older, are 1-3 units, and are zoned residential. Both owner occupied and non-owner occupied properties are eligible.

For additionalinformation, please contact Heritage Home Program staff at (216) 426-3116 or HHP@heritagehomeprogram.org.More information can be found at www.heritagehomeprogram.org.

Neighborhood Homeowner Services of Greater Cleveland
For over 32 years, Neighborhood Housing Services of Greater Cleveland (NHSGC), a trusted not-for-profit organization, has provided families in Northeast Ohio with the housing education and home repair loans they need to buy, improve and keep their homes. NHSGC partners with the private and public sectors to help more than 1,400 people each year attain homeownership and improve their homes.

(A) Home Repair Loan

Loan Amounts	Maximum Term	Interest Rate	Loan-to-Value Ratio	2nd Mortgage Required	Maximum Debt Ratio
Minimum - $1,000 Maximum - $60,000	30 years	6.5%	110%	Yes	45%

Fees	Income Restrictions	Investor Owner	Geographic Restrictions	Type of Home
Yes - varies	None	No	None	1-4 unit owner occupied only

For additional information please contact Anne Kodash at (216) 458-4663 or by email at akodash@nhscleveland.org or visit www.nhscleveland.org.

Housing Enhancement Loan Program (HELP)
HELP allows homeowners in most Cuyahoga County communities to borrow money for repairing or remodeling homes at three percentage points below a bank’s market rate for home improvement loans. As of 08/24/2007, HELP has facilitated more than 6650 loans totaling over $86.5 million. The average amount of a HELP loan is about $12,000.

(A) HELP

Loan Amounts	Maximum Term	Interest Rate	Loan-to-Value Ratio	2nd Mortgage Required	Maximum Debt Ratio
Minimum - $3,000 Maximum - $200,000	5 Years < $12,500 10 Years > $12,500	3% below client’s approved rate	Varies with lenders	Varies with lenders	Varies with lenders

Fees	Income Restrictions	Investor Owner	Geographic Restrictions	Type of Home
$75-$175: additional fees may apply for commercial loans	None	Yes	City of Cleveland	Single family and two-family homes with value less than $250,000. No limit for 3+ family homes

For additional information please contact participating lenders (Fifth Third Bank, Huntington Bank, Key Bank, PNC, US Bank) or visit http://treasurer.cuyahogacounty.us/pdf_treasurer/en-US/helphandout.pdf.

City of Cleveland Housing Rehabilitation Loans and Incentive Programs

Senior Housing Assistance Program (SHAP)
Small grants are available through the Department of Aging for elderly (60+) and disabled low-income homeowners, who reside in (and own) single or two-family homes in need of critical, health, safety and emergency maintenance repairs.

* For additional information call 216.664.2833.

Home Weatherization Assistance Program (HWAP)
Grants of approximately $3,250 per unit are available through the State of Ohio for homeowners and tenants who meet the low-income guidelines listed below. The free weatherization is performed by private contractors trained to State of Ohio standards. The City shares its State allocation with these six delegate agencies: Cleveland Housing Network, Cudell Improvement, Inc., Detroit Shoreway Community Development Org., Fairfax Renaissance Development Corp., Community Housing Solutions, and Mt. Pleasant Now.

*For additional information call 216.664.4052 or 216.961.4242.

Repair-A-Home

Loans ranging from 0% to 3% interest are available to owner occupants of 1-2 family dwellings who meet income guidelines. Monies must be used to repair homes to meet code and housing quality standards. Ability to repay loan is consideration. Loan amount and repayment terms depend upon the applicant’s disposable income.

* For additional information call 216.664.2045.