Unique Financing Options for Moreland Courts Residents
Because of the location of Moreland Courts within the City of Cleveland and because Moreland Courts is on the National Register of Historic Places, residents may be eligible to participate in two financing programs that may not be available elsewhere.
Heritage Home Low Interest Loan Program
The Heritage Home Program is a regional program operated by the Cleveland Restoration Society. The program offers below market rate loans to homeowners who are undertaking renovation of an historic property. This loan may be used for numerous interior projects that would make your home more comfortable while preserving its architectural character. Exterior projects such as suite windows are eligible as well. Renovation includes repair, maintenance, and rehabitation. As of Spring 2013, terms include:
- Fixed rate loans as low as 1.4% (rates may change quarterly)
- Loan term is 7-10 years
- Minimum amount is $3,000; Maximum amount is based on applicant’s qualifications
- The interest is tax deductible.
- Please Click Here to review other terms and conditions.
Greater Circle Living Forgivable Loan Program
University Circle Inc. (UCI) is the community service corporation serving the University Circle and Greater University Circle areas. Its Greater Circle Living program encourages home ownership and occupancy within the Greater Circle area by offering a forgivable loan to full-time employees of eligible nonprofit institutions in the Greater Circle area. Loans are forgiven if the employee continues to work for a participating institution and occupies the residence for five years after the loan closes. Several area institutions offer additional incentives on top of the base amount of $10,000, which can be used for the down payment and/or closing costs for the purchase of an owner-occupied home.
- $10,000 – base forgivable loan amount
- additional $20,000 – eligible employees of Case Western Reserve University, The Cleveland Clinic, and University Hospitals
- additional $10,000 – eligible employees of Cleveland Museum of Art
- additional $5,000 – eligible employees of Judson at University Circle