CLEVELAND HOUSING NETWORK CELEBRATES
1000th HOME SALE IN CLEVELAND NEIGHBORHOODS

CAVS present house keys to 1000th homebuyer!

With strong support from local and national partners CHN leverages public and private partnerships to rehabilitate distressed housing stock or build new homes in neighborhoods throughout Cleveland. CHN's Homeward Program began in 1989 to strengthen real estate markets in Cleveland's neighborhoods through increased owner occupancy. To date, the Homeward Program has generated more than $60 million in direct capital investment in Cleveland neighborhoods, resulting in the complete rehabilitation and conventional sale of 1,000 homes.

Second mortgage financing through the City of Cleveland is key to the CHN Homeward Program's success. Mayor White explains, "The City of Cleveland, the Cleveland Housing Network, and area financial institutions teamed up in the 1990's to create a wide array of homeownership opportunities that has unlocked and opened the door to thousands of new homeowners." White continues, "Today, homebuyers have a variety of affordable new and reconstructed home options to preview, property values are up a record 20.4 percent and the median selling price of single-family homes in the city has jumped 54.7%. Cleveland is a city to invest in and call home."

CHN's 1000th Homeward buyer, Lyn Lawson, received keys to her new home from CAVS Assistant Coach, Keith Smart. As a single mother, with two children, Lawson said "Today, I stand before you as a homeowner due solely to the CHN Homeward Program. This program is nothing less than a true blessing for my children and me.
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Alliances with national foundation and corporate partners play a vital role in supporting Cleveland's neighborhood revitalization efforts. One of these extraordinary relationships is with the Fannie Mae Foundation, who has given more than $1.2 million to CHN in loans and support grants -- $805,000 of which has gone to Cleveland's Home Team, a partnership between the Cleveland Cavaliers and the Fannie Mae Foundation. Since it's formation in 1993, the Home Team has contributed a total of $914,980 ($109,980 raised by the Cavs) towards the development of 130 homes throughout Cleveland.

"Fannie Mae Foundation is proud to have been a part of this important 1000-home milestone," said Stacey H. Davis, President and CEO of the Fannie Mae Foundation. "We look forward to continuing this partnership with the Cleveland Housing Network to help more Cleveland families achieve the dream of homeownership."

The Fannie Mae Foundation creates affordable homeownership and housing opportunities through innovative partnerships and initiatives that build healthy, vibrant communities across the United States. The Foundation, a private nonprofit organization supported solely by Fannie Mae, has regional offices in Atlanta, Chicago, Dallas, Pasadena and Philadelphia. For more information on the Foundation, please visit http://www.fanniemaefoundation.org.

The Homeward Program was created with support from foundations and several local financial institutions. This combination of highly leveraged resources, including reduced mortgage interest rates and closing costs from local lenders, has resulted in a dynamic production center for community revitalization and increased homeownership in Cleveland neighborhoods. As a longstanding, committed supporter, KeyCorp is pivotal to Homeward's success. "I am pleased to be a part of this auspicious occasion," said Jack Kopnisky, senior executive vice president, Consumer Banking, KeyCorp. "Homeownership is the foundation of a strong, thriving community and Key is proud assist Clevelanders make this dream reality. Key's involvement with the Homeward Program cements our commitment to the City of Cleveland and its residents."

Through the CHN Homeward Program, Cleveland families purchase redeveloped and newly constructed houses. CHN and the staff at its member community development corporations assist families in pre-qualifying for mortgage financing by reviewing employment history, income, savings, credit history, and current debt. Houses are sold to financially qualified families on a first come-first served basis, with at least $1,000 in savings for a down payment and closing costs. The CHN Homeward program has an excellent track record for maintaining homeownership.

Through 23 community development corporation (CDC) partners, the impact of revitalization reverberates across Cleveland. Bill Whitney, Executive Director of Detroit Shoreway Community Development Organization avows, "CHN's Homeward Program is a remarkable tool to utilize in the revitalization of our communities."

The Homeward Program is a remarkably successful public/private partnership. CHN is deeply grateful for the support and tireless efforts of local financial institutions Keybank, Fifth Third Bank, Dollar Bank, and National City Bank, public sector partner State of Ohio Department of Development, community development intermediaries Neighborhood Progress, Inc., Local Initiatives Support Corporation and the Enterprise Foundation, as well as the Cleveland, Gund and Fannie Mae Foundations.

The Cleveland Housing Network, Inc. (CHN) provides community development corporations access to capital to develop affordable housing in Cleveland. Since its formation in 1981, CHN has generated over $220 million in capital investments in Cleveland neighborhoods, developing 2,600 homes and delivering energy conservation/home repair services to 45,000 low-income households across Northeast Ohio. CHN currently produces about 300 homes annually, and provides weatherization and home repair services to more than 5,000 households a year.