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The Hillcrest Fund
Jennifer Kuzma, Administrator
216-291-2854
jkuzma@clvhts.com
The Hillcrest Fund is a nonprofit incentive mortgage program designed to encourage integration in the Hillcrest area, which includes the Cities of Lyndhurst, Highland Heights, Mayfield Heights, Mayfield Village and part of South Euclid, Ohio. The Hillcrest Fund is designed to encourage racial integration by providing monetary incentives to prospective minority homebuyers seeking to purchase houses in the Hillcrest area. Experience has shown that racial integration in neighborhoods is best maintained by active cooperative efforts to attract homebuyers of different races. The Hillcrest Fund and its counterpart, the Heights Fund, are part of an area-wide effort, the focus of which is to promote integration as a viable and desirable lifestyle for the residents of 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 Hillcrest 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.
Applicant Requirements
- The fully completed Hillcrest 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.
Loan Terms
- A maximum deferred loan of $5,000-$10,000 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 promissory note.
- Funds available for closing costs, points and/or a portion of the down payment.
- The loan amount from the Hillcrest Fund will be made directly to the escrow agent.
- All loan payments will be made directly to: National City Bank.
- Upon sale of the property, the remaining loan balance is due.
For more information about the Hillcrest Fund, contact Jennifer Kuzma at 216-291-2854 or jkuzma@clvhts.com. Also see The Heights Fund.
This program is funded in part by The Cleveland Foundation and The Gund Foundation.
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