The Heights Fund Jennifer Kuzma, Administrator 216-291-2854 jkuzma@clvhts.com The Heights Fund is a nonprofit incentive mortgage program designed to maintain integration in the Cities of Cleveland Heights and University Heights, Ohio. The Cities of Cleveland Heights and University Heights take great pride in their continued efforts to maintain themselves as integrated communities. The Heights Fund, begun in 1988, seeks to support these efforts by providing financial incentives for pro-integrative moves throughout Cleveland Heights, University Heights and in the Hillcrest eastern suburban region. Experience has shown that racial integration in neighborhoods is best maintained by active cooperative efforts to attract homebuyers of different races. This program seeks to maintain racial integration by providing monetary incentives to encourage prospective buyers to seek houses in areas where their race is under-represented. The Heights Fund shows, particularly in Cleveland Heights and University Heights, that integration is a viable and desirable way of life for people in Cuyahoga County. Prospect Qualifications Applicant must be racially under-represented in the census tract where the property is located. Applicant must qualify for a mortgage loan with a mortgage financing institution. Applicant must have at least 5% of unborrowed funds for the down payment. Applicant must be purchasing the home as his/her principal place of residence and maintain it as such. Applicant must fully complete the Heights Fund loan application. In addition, the Distribution committee shall consider other factors, such as the use of schools, number of children, and the impact of the specific purchase in the census tract. It may be necessary for the Committee to prioritize loans due to these and other factors. Loan Terms A maximum deferred loan of $5,000 with 5% simple interest. Loan payments to be deferred for one year; payments to begin in the second year and be completed in the sixth year with a constant monthly payment plan. Loans to be secured by a filed second mortgage and/or promissory note. Funds available for closing costs, points and/or a portion of the down payment. The loan amount from the Heights Fund will be made directly to the escrow agent whenever possible. All loan payments will be made directly to: The Heights Fund. Upon sale of the property, the remaining loan balance is due. Applicant Requirements The fully completed Heights Fund loan application. The purchase agreement. A completed Residential Loan Application from applicant's primary lender. Verification of Income: 1040 income tax forms for the previous years and ost recent payroll stubs. For more information about the Heights Fund, contact Jennifer Kuzma at 216-291-2854 or jkuzma@clvhts.com. Also see The Hillcrest Fund. This program was funded in part by: The Cleveland Foundation, The Gund Foundation, BP America, Wolpert Foundation, Forest City Enterprises, Jewish Community Federation, Wuliger Foundation, General Electric Company, and the contributions of supportive individuals.