Live in the Circle: Forgivable Loans up to $15,000 Available for Nonprofit Employees of Greater University Circle Organizations

A coalition of philanthropic, public and private partners has launched a $4 million housing incentive program to stimulate investment in and revitalization of Greater University Circle neighborhoods. The forgivable loan program targets an estimated 43,000 people who work in Greater University Circle and may consider buying homes there.

Greater Circle Living offers a $5,000 forgivable loan for down payment and/or closing costs for the purchase of an owner-occupied home by full-time employees of any nonprofit institution in Greater University Circle, a district encompassing portions of seven Cleveland neighborhoods.

Employees of Case Western Reserve University, Cleveland Clinic, Cleveland Museum of Art, Judson at University Circle and University Hospitals may be eligible for an additional $10,000 forgivable loan or one month’s rental reimbursement. Employees at these institutions currently living in the district may be eligible for $4,000 in matching funds for exterior renovations.

Greater University Circle encompasses portions of seven neighborhoods: Buckeye-Shaker, Fairfax, Hough, Glenville, East Cleveland, Murray Hill, and University Circle.

For more information, please visit the website of the Cleveland Foundation.

Shaker Heights High School Generates 6 National Merit Scholars

This year Shaker Heights High School's graduating class was tied with Xavier High School, a Catholic school in Cincinnati, for the highest number of merit finalists in the state of Ohio. Both schools had six in the 2008 class. No other school in Ohio had more than three. Collectively, Shaker Heights High had more than 40 students, or 11 percent of the senior class, who earned national honors of some kind. By comparison, the national average is two percent.

Congratulations, Shaker Heights High, on your outstanding achievement!

Detroit Shoreway Neighborhood Welcomes New Restaurants

Residents of Detroit Shoreway now have two new great restaurants to choose from! Stone Mad, an Irish pub featuring a gorgeous stone patio, an indoor bocce court and a full menu, recently opened at 1306 W. 65th Street (just north of Detroit Avenue). These folks know how to pour a real, twenty ounce pint of Guiness! (It only takes about 5 minutes.) Luxe Kitchen and Lounge, a new venture by chef and restauranteur Marlin Kaplan that offers an innovative, reasonably priced menu, recently opened at 6605 Detroit Road (just west of 65th Street). Pete Leneghan of Stone Mad and Marlin Kaplan of Luxe not only run great new restaurants, but they have also completed creative renovations on two historic buildings in Detroit Shoreway.

For more info on life in Detroit Shoreway, check out the website of Detroit Shoreway Community Development Organization at www.dscdo.org.

SAVE THE DATE: June 1, 2008, 1:00-5:00pm. Explore living options, shop and dine in Detroit Shoreway! Join us for a progressive tour of homes followed by a meet and greet at Luxe! Win prizes from Room Service, DUO Home, Gypsy Beans & Baking Co. and Kitsch City, to name a few. Check progressiveurban.com for details. COMING SOON!

3.3% Interest Rate on a Home Repair Loan!

Homeowners and investors are taking advantage of a buyer's market to purchase properties in need of rehabilitation.

Cleveland Action to Support Housing is a non-profit organization that offers below-market financing for rehabs, and whose mission is to spur investment in Cleveland neighborhoods through offering such financing. Both owner-occupants and investors are eligible to apply. The current interest rate is only 3.3%! Why hesitate? With these great financing products available, now is a good time to buy.

www.cashcleveland.org

Best Place to Buy

Cleveland’s inner ring suburb of Shaker Heights shows up with five other cities as the places to buy a home in this CNNMoney.com pictorial. The story says that the metro areas of Atlanta, Boston, Cincinnati, Cleveland, Detroit and Houston are places where prices will rise the most or fall the least in the relative future.

Educating Tomorrow's Workforce: Students Visit PURE

On February 15, the St. Clair- Superior Development Corporation sponsored a business shadowing day with youth from the neighborhood. 10 youth from Peace in the Hood and Girl Power visited three Cleveland businesses to learn about different aspects of the real estate business. Progressive Urban Real Estate hosted students and educated them about careers in real estate, marketing and new construction. Staff members presented their job descriptions to the students and discussed how they got to their current position at Progressive Urban Real Estate.

After the presentation, students were given a tour of Clinton Court, a new construction townhome development near the Progressive Urban Ohio City office. This hands on experience sparked more questions about the building and development process.

To date, the St. Clair- Superior Development Corporation has involved over 35 kids in their Business Shadowing Day project. These students have had the chance to spend time with professionals in a variety of industries and ask questions about what it takes to be successful and employable. St. Clair- Superior is also putting together a jobs program for summer 2008 where they are hoping to train 20 youth and secure jobs for them in area businesses. This is an excellent step towards educating neighborhood youth about career option and also in creating a strong workforce to improve the local economy.

If you are a member of the business community and would like to host youth for Business Shadowing Day or are interested in the summer job program, please contact Cory Riordan at St. Clair- Superior Development Corporation.

Staving Off Foreclosure: Taking it to the Streets

As evident in the newspaper headlines – and maybe on your street – foreclosed homes seem to be everywhere these days. Circumstances for these foreclosures vary greatly, but many times it is due to the type of loan. For certain types of loans with adjustable rates, the homebuyer may find that they can not afford the payment when the rate adjusts (to a higher rate). One solution is to sell the home, but with today’s sluggish market the homeowner may not be able to sell their home quickly enough to escape foreclosure. This New York Times article describes one group in Baltimore’s Belair-Edison neighborhood that has taken to the streets, literally, to help prevent foreclosures. This group has been able to help homeowners retain their homes by renegotiating the terms of the mortgage with their lenders.

In Northeast Ohio, Neighborhood Housing Services of Greater Cleveland and many other organizations have set up programs to help those who may be having trouble making their house payments. Please click here to access their web site, and pass this information along to anyone that you know or suspect needs help.