print

Home Purchase For
Employees of the following Institutions

Case Western Reserve University Cleveland Museum of Art
Cleveland Clinic Judson at University Circle
University Hospitals

The GCL home purchase program is a $20,000 forgivable loan (or $30,000 loan for working households*) that will be used for down payment and/or closing costs associated with the purchase of an owner-occupied residential property in the Greater University Circle Area. The GCL forgivable loan will be forgiven if the employee continues to work for their employer and continues to occupy the residence for 60 months (five years) after the GCL loan has closed. All GCL loans will be secured and will carry an interest rate of 0%.

*Judson at University Circle’s home purchase program is a $5,000 forgivable loan.

*Cleveland Museum of Art’s home purchase program is a $15,000 forgivable loan.

View Loan Forgiveness Terms

The employee benefit is considered taxable income by the IRS. Employees should consult a tax advisor, as well as their Human Resources/Benefits Office.

Employee Requirements

Home Purchase
For working households of the following Institutions

Greater University Circle Non Profit Institutions
Louis Stokes Cleveland VA Medical Center

The GCL home purchase program is for working households (households whose annual income is $150,000 or less) and is a $10,000 forgivable loan that can be used for down payment and/or closing costs associated with the purchase of an owner-occupied residential property in the GCL Area. The GCL loan will be forgiven if the employee (full time or part time with 2 years of service) continues to work for their employer and continues to occupy the residence for 60 months (five years) after the GCL loan has closed. All GCL loans will be secured and will carry an interest rate of 0%.

View Loan Forgiveness Terms

If you are a full time employee or part time employee with 2 years of service at a qualified nonprofit in the GCL area other than Cleveland Clinic, University Hospitals, Case Western Reserve University and the Cleveland Museum of Art and Judson at University Circle. Please view guidelines below to determine your nonprofits eligibility or call the GCL program administrator at 216-361-8400 for program requirements.

The employee benefit may be considered taxable income by the IRS. Employees should consult a tax advisor, as well as their Human Resources/Benefits Office.

GUIDELINES TO DETERMINE ELIGIBILITY FOR NONPROFIT INSTITUTIONS

  • Must have articles of incorporation
  • Must be a 501 (c) (3) (submit IRS letter)
  • Must have been in existence for at least 24 months
  • Must be governed by a board of directors (submit board roster with affiliations)
  • Must be in good standing with the state of Ohio (please submit letter of good standing)
  • Must have a board resolution authorizing participation in the program
  • Must have financial statements (audited or unaudited)
Employee Requirements
forgiven