By / May 30, 2025
Circle East District, homebuyers to benefit from deal
Cuyahoga Land Bank and First National Bank (FNB) have announced a new partnership to accelerate development in the Circle East District in East Cleveland by supporting homeownership. Since 2022, the land bank has been busily rebuilding this neighborhood next to University Circle from the sewers up.
Through this partnership, eligible homebuyers may receive up to $40,000 in combined financial assistance, including a $20,000 builder interest rate buy-down made possible through a grant from Cuyahoga Land Bank, and $20,000 from FNB, which includes $15,000 in down payment assistance with an additional $5,000 toward closing costs.
Backers of this deal say this combination can significantly reduce monthly mortgage payments and make homeownership more accessible to buyers in what the land back is touting as one of Greater Cleveland’s most promising new neighborhoods.
In addition to generous financial assistance, buyers in the Circle East District will benefit from long-term savings and sustainability features built into every home. The 30-acre, $95 million development includes more than 200 new homes, each offering a 15-year, 100 percent property tax abatement.
Read the full story on the NEOtrans blog HERE.
