Innovative Land Bank program hopes to lure homebuyers to Circle East District

By Jeremy Nobile – Crain’s Cleveland Business

Homeowners looking to move into Cleveland’s burgeoning Circle East District by University Circle may be eligible for up to $40,000 in financial assistance — and possibly more — through an innovative new program from the Cuyahoga County Land Bank.

Ground broke on the Circle East District earlier this year, and many of the 200-plus homes in the new are still being finished.

Regardless, the financial assistance available could help offset costs toward buying a house in the neighborhood where the average home price is approximately $400,000, according to the land bank.

This assistance is only available to individuals planning to live in those homes. In other words, investment buyers are not eligible.

The foundation of this program is a partnership between the nonprofit and FNB Corp.’s First National Bank, a Pittsburgh-based lender with a significant presence in Northeast Ohio.

The $40,000 comes from a $20,000 builder interest rate buy-down, which is made possible through a grant from the land bank, plus $20,000 from FNB. The latter includes $15,000 in down-payment assistance with an additional $5,000 applicable to closing costs.

Read the full article on Crain’s Cleveland Business HERE.