PROGRAMS
HOME PURCHASE PROGRAM (HPP)
ABOUT THE PROGRAM
The GCL Home Purchase Program (HPP) is an employer-assisted housing benefit that assists eligible employees to afford purchasing a home in the Greater Circle Living neighborhoods.
The Cleveland Foundation will be pausing [its] contribution to Greater Circle Living while they assess the program and its 15-year impact on Greater University Circle neighborhoods. The Cleveland Foundation will use the assessment to inform and support the reimagination of the program and Working Household’s fund. Fairfax Renaissance Development Corporation will continue providing technical assistance throughout the calendar year.
- Assists families with wealth building and accessing quality, affordable housing near work;
- Enhances overall well-being of employee through proximity to work and cultural activities;
- Reduces commute times and costs associated with travel and parking;
- Provides a one-stop-shop for information and education on housing services and financing options.
Participants are able to find their own home including single-family or two-family homes, condominiums or townhomes, and are free to choose a home that meets the requirements of the program.
Housing assistance is provided as forgivable loan(s). The Level of assistance depends upon eligibility.
The HPP is administered by GCL. GCL receives funds from employers and other philanthropic organizations (such as The Cleveland Foundation) to administer the program.
Down payment assistance is provided to the title company directly on behalf of the employee/participant.
Under special circumstances – including when lenders do not accept secondary community financing – or when FHA or VA financing is used, the benefit amount can be used for permanent upgrades and improvements to the purchased home.
Eligibility for program participation is determined by the employer.
The HPP can be used with any home-buying assistance program including CHN Housing Partners, city programs, county programs, and eligible lender programs/incentives.
The employee benefit is considered taxable income by the IRS. Employees should consult a tax advisor, as well as their Human Resources/Benefits Office with any tax-related questions.
Employees should consult a tax advisor, as well as their Human Resources/Benefits Office with any tax-related questions.
WHO IS THIS PROGRAM FOR?
Employees of eligible non-profit institutions in GCL designated geographical areas including:
- Case Western Reserve University
- Cleveland Clinic
* Contact Employer for Eligibility
WHAT THIS PROGRAM OFFERS?
- Up to $20,000 in forgivable loans for home purchase assistance*
- Secured loan
- 0% Interest rate*
* TERMS AND CONDITIONS apply, for complete details visit link below
EMPLOYEE REQUIREMENTS*
- Review individual employer’s website or Benefits/Human Resources department for specific eligibility requirements
- Complete an 8-hour, HUD-approved homebuyer education course
- Contribute a minimum of 3% of own funds toward total purchase price
- Present a fully executed purchase agreement and proof of insurance for the home
- Use a lender that accepts secondary community financing
- Occupy the purchased home as his/her primary residence at least 270 days per year for 60 months after purchase
- Provide 60 month of continuous employment service to the qualified employer in the GCL target area following purchase assistance award in order for loan to be forgiven
- Participating employees who do not comply fully with the rules for eligibility/participation will be required to repay in whole or in part the loan
*FOR COMPLETE DETAILS, visit the link below
HAVE QUESTIONS?
Contact Fairfax Renaissance Development Corporation, if you have any questions.
MESSAGE USCOMPLETE DETAILS
For more information about this program, and to access the Inquiry Form, please click the link below.
EXTERIOR HOME REPAIR PROGRAM
ABOUT THE PROGRAM
The GCL Exterior Home Repair Program is an employer-assisted housing benefit that assists eligible employees who already own a home in the GCL target area to catalyze investment to maintain their homes and revitalize their neighborhoods.
The GCL Exterior Home Repair program provides up to $8,000* in employer matching funds for approved exterior renovations. These renovations must be approved in advance. Funds will be released once renovations have been completed and inspected. The program is open only to employees of Cleveland Clinic, Case Western Reserve University.
The employee benefit is considered taxable income by the IRS. Employees should consult a tax advisor, as well as their Human Resources/Benefits Office with any tax-related questions.
Employees should consult a tax advisor, as well as their Human Resources/Benefits Office with any tax-related questions.
WHO IS THIS PROGRAM FOR?
Employees of the following institutions who own homes in the GCL designated geographical area
- Case Western Reserve University
- Cleveland Clinic
* Contact Employer for Eligibility
WHAT THIS PROGRAM OFFERS?*
- Up to $8,000 employer matching grant
* TERMS AND CONDITIONS apply, for complete details visit link below
EMPLOYEE REQUIREMENTS*
- Employee must receive a written commitment from FRDC before beginning any of the exterior home repair work.
- Employee must own and occupy the home (single or two-family, condominium or townhouse) that is being renovated as his/her primary residence for at least 270 days per year.
- Employee must present proof of home owner’s insurance.
- Employee must contribute at least a twenty-five percent (25%) match of the requested funds.
- Home must not be in tax or mortgage foreclosure.
- This program can only be used once regardless of the amount of assistance received.
* FOR COMPLETE DETAILS, visit the link below
HAVE QUESTIONS?
Contact Fairfax Renaissance Development Corporation
COMPLETE DETAILS
For more information about this program, and to access the Inquiry Form, please click the link below.
RENTAL ASSISTANCE PROGRAM
ABOUT THE PROGRAM
The GCL Rental Assistance Program is an employer-assisted housing benefit that assists eligible employees secure housing near their employment in the GCL target area.
The GCL Rental Assistance Program provides one month’s rental payment up to $1,400 excluding first month’s rent and security deposit for employees who execute a one year lease (or lease renewal) to live in the GCL area in an approved rental unit. This rental program is open to employees of Cleveland Clinic and Case Western Reserve University.
The employee benefit is considered taxable income by the IRS. Employees should consult a tax advisor, as well as their Human Resources/Benefits Office.
WHO IS THIS PROGRAM FOR?
Employees of the following institutions
- Case Western Reserve University
- Cleveland Clinic
* Contact Employer for Eligibility
WHAT THIS PROGRAM OFFERS?*
- One month’s rent payment up to $1,400 at an approved rental unit
* TERMS AND CONDITIONS apply, for complete details visit link below
EMPLOYEE REQUIREMENTS*
- Employee must provide a fully-executed 12-month rental/lease agreement or 12 month lease renewal (signed by employee and landlord/property manager)
- Employee must provide proof of payment of first month’s rent and security deposit.
- Employee must occupy the rental property as his/her primary residence for at least 270 days a year.
- This program can only be used by one household member.
- This program can only be used once.
- Employees may apply for the Home Purchase Program upon expiration of their 12 month lease agreement.
*FOR COMPLETE DETAILS, visit the link below
HAVE QUESTIONS?
Contact Fairfax Renaissance Development Corporation
COMPLETE DETAILS
For more information about this program, and to access the Inquiry Form, please click the link below.
FUNDS FOR GCL PROVIDED BY
Phone:
(216)361-8400
Address:
8111 Quincy Avenue, Suite 100
Cleveland, Ohio 44104
Hours of Operation:
Mon - Fri: 9:00 AM - 5:00 PM
Sat - Sun: Closed
