"SWEAT EQUITY" COMPONENT SWEETENS FINANCING PACKAGE FOR SEBE YOUNG VILLAGE HOME BUYERS
"SWEAT EQUITY" COMPONENT SWEETENS FINANCING PACKAGE FOR
SEBE YOUNG VILLAGE HOME BUYERS
CLEVELAND, Nov. 13 /PRNewswire/ -- A new "Sweat Equity" component has been added to the financing package offered by the development team of Sebe Young Village - Phase II.
The partnership of National City Community Development Corporation (NCCDC) and Commodore Management Corporation has been the driving force behind the Sebe Young Village - Phase II project, with plans to build 30 Cape Cod and Colonial style homes in the Glenville/University Circle neighborhood. Additional partners include Partners Land Company Inc., Burus Development Corporation, Glenville Development Corporation, University Circle Inc. and the City of Cleveland.
The new Sweat Equity component will be available to Sebe Young Village home buyers on a limited basis. Home buyers will be able to perform some of the labor on their new homes, thus earning a portion of the funds needed for their purchase.
"This innovative component can help the home buyer generate up to $1,500 in sweat equity," explained Charmaine G. Colwell of Partners Land Company. "Additionally, Councilman Craig E. Willis is providing a $2,500 grant to help home buyers. A home buyer can combine the two programs for a total of $4,000, thereby reducing the down payment and closing costs to $3,700."
National City Bank is offering its new Cleveland Housing Affordable Mortgage Program (CHAMP) to potential Sebe Young Village home buyers. CHAMP provides low interest mortgage loans to purchasers of single family, owner-occupied homes within the City -- new construction or renovation projects in partnership with NCCDC.
According to Colwell, affordable financing is available which includes special grant funds through the City of Cleveland; a low fixed interest rate, currently at 6.75 percent under the National City Bank CHAMP loan program; and a 15-year real estate tax abatement from the City.
The homes, ranging from 1,545 to 2,200 square feet in size, feature three or four bedrooms, 1-1/2 to 2-1/2 baths, two-car attached garage, central air conditioning, gas fireplace, vinyl siding, full basement and more.
One of the model homes is a 1,690 square foot Colonial with a brick front. It features three bedrooms, 2-1/2 baths, gas fireplace, French patio doors, central air conditioning, two-car attached garage and a full basement. The kitchen includes oak cabinets, breakfast bar, dishwasher, disposal and range hood. The home is on a large professionally landscaped lot.
"The designs and amenities are first class," said Colwell.
The two decorated model homes are open for viewing at 1447 East 115th Street. For more information, call 216-229-1258.
National City Bank is the lead bank of National City Corporation (NYSE: NCC), a $29 billion diversified financial services company headquartered in Cleveland.
/CONTACT: Sharon A. Lamcha of National City Corporation, 216-575-2316/
(NCC) CO: National City Corporation ST: Ohio IN: FIN SU:
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