New Cleveland program provides incentives for homebuyers to purchase, renovate homes

SOUTH EUCLID – At a press conference earlier today in South Euclid, representatives from the public and private sector in Cuyahoga County announced the creation of the Heritage Home Purchase Program. This new real estate financing program is aimed at providing qualified homebuyers with low-interest financing and technical assistance and seeks to encourage owner-occupied housing.

The Heritage Home Purchase Program is a collaborative partnership between the Cleveland Restoration Society, Cuyahoga County, First Federal Lakewood, and the City of South Euclid. While the program was initiated as a project of the City of South Euclid, it will now be available to homebuyers countywide in any cities participating in the Heritage Home Program. The program will be marketed by the Cleveland Restoration Society, Cuyahoga County Department of Development, and First Federal Lakewood.

The Heritage Home Purchase Program combines free technical assistance at a special rate.

“The City of South Euclid has worked collaboratively with the Cleveland Restoration Society, First Federal Lakewood and Cuyahoga County to create a new and unique program to help homebuyers get technical assistance and the financing necessary to purchase and rehabilitate vacant homes that otherwise might be sold to rental investors instead of owner occupants,” said Mayor Georgine Welo.

The press conference occurred at 4084 Bluestone Road in South Euclid. Representatives from Cuyahoga County, Cleveland Restoration Society, Cuyahoga Land Bank and Cuyahoga County joined Welo at the press conference to announce the program.

“This unique program will help fill an existing gap in the real-estate market, which has prevented interested and credit-worthy homebuyers from purchasing real estate that requires rehabilitation, not only in South Euclid, but across the county,” Welo said.

For more information on the program, call Tom Jorgensen, chief operating officer of the Cleveland Restoration Society, at 216-426-3108.

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