Renovations

Community: Painesville

Address: 668 N. St. Clair Ave.

Parcel Number: 15A0230000050

Status: Sold

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This home was renovated by the Land Bank in cooperation with the Western Reserve Community Development Corporation (WRCDC).  Funding sources included funds obtained by the WRCDC from the Home Investment Partnership Program.  As a result, this house is available to home buyers who meet federally established low income guidelines. Provided for your consideration:

  • DESCRIPTION OR SCOPE OF WORK completed on the home – Learn More
  • INDEPENDENT APPRAISAL – indicating an estimated market value of the home which is the asking price – which is also the asking price for the home – Learn More
  • INFORMATION FOR PROSPECTIVE BUYERS REGARDING APPLICABLE RE-STRICTIONS AND OBLIGATIONS IMPOSED DUE TO USE OF FUNDS FROM THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. HOME INVESTMENT PARTNERSHIP PROGRAM – ACKNOWLEDGEMENT – Learn More
  • HOME INVESTMENT PARTNERSHIP PROGRAM – DOCUMENTATION – Learn More

INCOME LIMITS

HUD publishes income limits annually that are adjusted according to household size and source of funding. For both the Community Development Block Grant and the Home Investment Partnership Program the limit is 80% area median income, also known as low – income.  Lake County is a part of the Cleveland Elyria Metropolitan Statistical Area. As an example a three person household can earn up to $48,000 (Low-income) and their income level qualifies for assistance under these programs.

https://www.huduser.gov/portal/datasets/il/il16/FY16-IL-oh.pdf

Cleveland-Elyria, OH MSA
FY 2016 MFI: 66600
NUMBER OF PERSONS 1 Person 2 Persons 3 Persons 4 Persons 5 Persons 6 Persons 7 Persons 8 Persons
EXTRA LOW INCOME

$ 14,000

$ 16,020

$ 20,160

$ 24,300

$ 28,440

$ 32,580

$ 36,730

 $ 40,890
VERY LOW INCOME

$ 23,350

$ 26,650

$ 30,000

$ 33,300

$ 36,000

$ 38,650

$ 41,300

$ 44,000
LOW INCOME

$ 37,350

$42,650

$ 48,000

$ 53,300

$ 57,600

$ 61,850

$ 66,100

$ 70,400

HOMEBUYER TRAINING REQUIRED

Individuals purchasing this property are required to participate in a homebuyer training program prior to the transfer of title to the home. A variety of homebuyer training programs are available either online or in person. The Land Bank suggests the most timely process for potential buyers is to – take the online version unless they have documentation that they have completed the eight hour class that has been given over the last two years from one of the following: Cleveland Housing Network http://chnnet.com/ or ESOP Empowering & Strengthening Ohio’s People http://www.esop-cleveland.org/.