Cuyahoga Landbank Launches Advantage Plus Loan Program
The Advantage Plus Loan Program, like the Owner Occupant Buyer Advantage Program (OOBAP) is geared specifically toward prospective owner-occupiers -- people who want to rehabilitate a property in order to make it their home.
While anyone can put in an offer on a property in the Cuyahoga Land Bank's inventory, many properties need extensive work, which requires the purchaser to have either renovation expertise or the ability to pay contractors to make the necessary repairs.
Generally, the properties that the Cuyahoga Land Bank places into the OOBAP program, on the other hand, are selected because they require a moderate investment and much of the work needed can be undertaken by someone who is handy. These properties are typically in better condition than others in the Land Bank's inventory and a buyer may obtain more equity from the onset.
Working with OOBAP since it was launched in August 2012, the Cuyahoga Land Bank has realized that even with the preferences set up for potential owner-occupant buyers through OOBAP, there are still financial barriers that make purchasing a home to renovate difficult for some buyers.
Currently, OOBAP articipants are required to provide proof of funds to cover the acquisition, renovation costs, and a 10% renovation cost reserve of the property they purchase; the Advantage Plus Loan Program helps address this financial challenge.
In addition, the City of Euclid will waive all permitting and inspection fees related to property renovations done through the Advantage Plus Loan Program, although a buyer will have to pass all applicable city inspections.