The most environmentally friendly home
is the one that already exists!
HOUSING INFORMATION, RESOURCES & INCENTIVES
Older residential structures have solid and durable foundations and were built to endure the test of time. Cleveland’s neighborhoods are filled with homes that are 100+ years old. They provide more charm, character, grit and detail than most homes built decades later. These houses are literally one-of-a-kind - it is impossible to recreate the architecture and durability of a century home. Rehabbing city homes will preserve the history and quality of our urban neighborhoods.
It is more environmentally friendly to rehab an existing building than it is to tear down the original and build new. Buildings that are newly constructed require the original home to be torn down, creating trash and debris that occupies precious landfill space. New materials are needed to replace the old. You can still be environmentally conscious with a historic home. Old buildings are capable of being green, too!
RESOURCES FOR HOME REHABS
Cuyahoga County HELP Loan: Provides homeowners of occupied or investment properties in eligible Cuyahoga County communities home improvement loans, at three percentage points below normal bank rates, for home repair or remodeling projects
Four Component (4COM) Home Repair Loan Program: Designed to help homeowners maintain the quality of their housing and create a positive effect in the surrounding neighborhood. This federally funded program administered by the Department of Development provides home repair loans up to $35,000 to homeowners. Funding is limited to repair and/or replace major housing components such as: Roof, Electrical, Furnace, and Plumbing – including sanitary sewer connections.
Heritage Home Program: Helps with free technical assistance for home repair, maintenance, and rehab needs as well as access to loan rates that are more affordable.
HOME Homeowner Rehabilitation: HOME Investment Partnerships Program (HOME) funds may be used to assist existing homeowners with the repair, rehabilitation, or reconstruction of owner-occupied units. To be eligible for HOME funds, the homeowner must be low-income and occupy the property as a principal residence. Additionally, the value of the HOME-assisted property after rehabilitation must not exceed 95 percent of the median purchase price for the area.
NACA Home and Neighborhood Development Program: NACA’s HAND department provides administrative and technical assistance throughout the renovation process. If you are making substantial repairs and cannot live in the property during the renovation, you can defer your mortgage payments for six months.
NHS Home Repair Loan Program: This home repair loan program gives homeowners the extra attention needed when starting a rehab project. NHS of Greater Cleveland can assist with job specifications, cost estimates, contractor selection, and oversight of the project.
Title 1 Property Improvement Loan: Loans on single family homes may be used for alterations, repairs and for site improvements. Loans on multifamily structures may be used only for building alteration and repairs. Title I can be used in conjunction with a 203(k) Rehabilitation Mortgage
203(k) Rehab Mortgage Insurance: Section 203(k) insurance enables homebuyers and homeowners to finance the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.
The City of Cleveland’s Residential Tax Abatement program is the temporary elimination of 100% of the increase in real estate property tax that results from certain eligible improvements on eligible residential/housing projects. It is available to stimulate investment in new development or redevelopment of residential housing in the City of Cleveland. The length or term of abatement is 15 years at 100% of the dollar amount by which the eligible new construction or remodeling activities increased the assessed market value of the property. Two types of rehabilitated homes qualify for this incentive:
Rehabilitation of residential multifamily (three or more units) structures (or conversion of a nonresidential building into a multifamily dwelling) when eligible costs are greater than $15,000 per unit or $500,000 per structure (15 years); and
Rehabilitation of single-family and two-family dwellings (or conversion of nonresidential building into a single-family or two-family dwelling), when eligible costs are greater than $2,500 and the improvements increase in the assessed value of the property (15 years).