New housing incentives offered for Cleveland's University Circle area
Posted September 27, 2012 in Articles
Author: Harlan Spector
Backers of an East Side housing initiative in Cleveland plan to announce today new incentives for people to buy or rent in University Circle and the surrounding area.
Philanthropies and non-profits have collaborated on the Greater Circle Living program since 2008. Started by the Cleveland Foundation, the program first offered $5,000 in forgivable loans to employees of University Circle-area institutions who bought homes in the area.
Now the incentive will jump to as much as $30,000 for employees of University Hospitals, the Cleveland Clinic and Case Western Reserve University. Employees of dozens of other participating institutions can receive $10,000 to $25,0000, depending on where they work. In addition, the program has dropped a requirement that buyers live in the home for five years in order not to have to repay the loan.
Employees of four institutions -- the Clinic, UH, Case and the art museum -- are also eligible for one month's rent up to $1,400. Homeowners working for the four institutions may also get up to $8,000 for exterior renovations.
About 100 employees have taken advantage of the inducements since the program started, including 38 home buyers. The number is fewer than was anticipated. Officials said in 2008 they expected to make about 700 deals in five years.