Cleveland to forgive almost a billion dollars in homeowner loans.
City of Cleveland forgiving almost a billion dollars in homeowner loans borrowed between 2005 and 2011CLEVELAND, Ohio - The Cleveland Department of Community Development has submitted to forgive “Afford-a-Home” loans borrowed between September of 2005 and May of 2011.
The loans , were first unveiled in 2005 to help people purchased rehabilitated homes. The loans were for between $5,000 and $20,000 for 30 years. “This initiative will make a meaningful impact by removing a debt obligation for borrowers in good standing,” said Cleveland’s Director of Community Development Alyssa Hernandez. “The Afford-a-Home program is all about fostering generational wealth for low-to-moderate income households and this loan forgiveness project is an extension of that effort.”
351 loans were given out from 2005 to 2011, with a total of $910,000 forgiven. The hope of the forgiveness is to alleviate some of the stress these homeowners. If this is approved by council, those homeowners would get a notice in the mail.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Fur-ever’ Valentine: City Dogs Cleveland bursting with dogs with reduced $21 adoption feeRoses are red, violets are blue, adopt a ‘fur-ever’ Valentine waiting for you!
Read more »
Photos: The Cleveland Museum of Art Transformed into a Pink-Filled BarbieWorld for MIX: DreamhouseThe latest edition of the long running MIX at CMA series was a Barbie-themed pink extravaganza. The night featured the sounds of DJ Guilty Pleasures and Wave & Rowanne. Here's who and what we saw at MIX: Dreamhouse.
Read more »
New CEO of Cleveland Metropolitan School District introduces budget cutsDr. Warren G. Morgan is introduced as the new CEO of the Cleveland Metropolitan School District. He plans to involve the community in decision-making but has already proposed budget cuts.
Read more »
Cleveland's Top Date Night DestinationsFrom top-end steakhouses to charming bistros, Cleveland has a variety of options for a perfect date night. Discover the best restaurants in the city.
Read more »
Ohio lawmakers propose $20 million for Cleveland land bridge connecting downtown to Lake ErieReporter at News 5 Cleveland
Read more »