When can I purchase my home?
Your home can be sold to you AFTER CHN HAS OWNED IT FOR 15 YEARS. Regardless of whether you moved-in during the first year that CHN owned the property, or the 10th year - the purchase date is based on how long CHN has owned the property, not how long you have lived there. Your Property Manager can tell you when the house will be available for sale, or click here to find your purchase year.
Can I buy my home earlier if I have the money?
No. The funding that CHN receives from the Low Income Housing Tax Credit Program requires that the Limited Partnership own your home and rent it for 15 years prior to selling it.
Where does CHN get the money to build/develop my home?
CHN needs funding to provide affordable housing. In order to raise this money, CHN “partners” with a group of investors. These investors provide most of the funding CHN needs to buy and rehabilitate homes in Cleveland neighborhoods. In return, the investors receive a tax credit for the money they invest in these housing projects.
Each year when we start a new project, it becomes a new "partnership" and gets a new number. Each project or partnership includes all of the houses we purchase in that year. When you enter into the Lease Purchase Program, you can ask your Property Manager which Partnership your home belongs to. You can also look on your rent coupon or in the first paragraph of your lease for your partnership number.
How much will I pay for my home?
The sales price of your home will be determined after CHN purchases the property from the Limited Partnership and will be calculated based on:
- Remaining debt on the property
- Taxes that will result from CHN purchasing the property from the Partnership
- Debt incurred to make capital improvements (not to exceed $5,000)
- Governmentally-imposed costs, such as point-of-sale repair requirements
- The cost of transferring title from the Limited Partnership to CHN and from CHN to the Resident
- If you live in your home for less than 10 years, your purchase price will be higher
I am worried that I will not be able to afford to purchase my home. How can I be sure I can afford homeownership?
CHN’s housing counseling and lending team will work with you through the entire process to make sure you are ready and able to buy your home and sustain your housing costs. Our housing counselors will help you to determine what your monthly housing costs will be and how those costs will fit into your overall budget. They will work with you for as long as you need to improve your credit scores, increase your savings and reduce your debt. Our lending team will walk you through the entire loan and closing process. When available, we also may have funds to help with down payment and closing costs and a matching savings plan to help you save toward the cost of your house.
How do I find out who my property manager is and how to contact them?
Contact CHN main offices at 216.574.7100. If you know who your property manager is, Click Here to view contact information. If you have a problem with your property manager, contact Ijaz Qureshi at 216.774.2382.
What are my options for paying my rent?
You can pay your rent by signing up to pay online, taking your payment to your neighborhood community development corporation (CDC) offices or coming to CHN headquarters located at 2999 Payne Avenue, Cleveland, OH 44114. To sign up for online rent payments, contact Dejuan Perrymond at 216.774.2389.
Do I need to take homeownership classes before I purchase my home?
Yes. Homeownership classes are designed to answer your questions and arm you with the information that will help you make informed decisions as a homeowner. You will be required to take the following classes:
- It Just Makes Cents- first class to take-this class will help you design a financial plan and understand your cash flow. Click here to sign up!
- HomeSmart - will build on your cash flow and provide meaningful information on relevant topics such as property taxes, home maintenance, home insurance, and home equity. Click here to sign up!
Research has show that home buyers that had education prior to purchasing were far more successful than other home buyers.
How do I sign up for a class that I missed?
To sign up for a missed class to complete the series, contact the Community Training Center at 216.881.8443 and to schedule a make-up class.
I need to complete classes within a specific timeframe, but there are no more classes available, what should I do?
If you encounter this situation, we recommend you contact the Community Training Center at 216-881-8443 as soon as possible to explore your options. They will work with you to ensure you get the classes you need in a timely fashion.