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COLLINWOOD NEIGHBORHOOD TO CELEBRATE COMPLETION OF FIRST OF 13 SCATTERED SITE HOMES

 CLEVELAND, Aug. 3 /PRNewswire/ -- National City Community Development Corporation has provided $60,000 in equity for the construction of the first of 13 homes in the Collinwood neighborhood.
 Mayor Michael R. White, Councilman Roosevelt Coats (Ward 10), Danny Cameron, president, National City Community Development Corporation, and representatives from the Collinwood Community Services Center will host a ribbon cutting ceremony for the model unit of the South Collinwood Homes project (950 East 150th Street) on Wednesday, August 4, 1993, at 1:30 p.m.
 "This is a significant reinvestment that will help to launch the rebirth of South Collinwood," said White. "We expect it to generate a great amount of pride and hope among neighborhood residents."
 "National City is pleased to be an equity partner in this model unit for South Collinwood Homes," said Cameron. "We are committed to the continued revitalization of Cleveland's neighborhoods, and this new brick home is a definite example of that commitment."
 The project was initiated by the city's Community Development Department and Councilman Coats in conjunction with the Collinwood Area Development Corporation. The home is one of the first brick houses constructed in Collinwood in nearly half a century.
 The homes will be built on scattered sites in the area bounded by St. Clair and Aspinwall Avenues between East 140th and East 152nd Streets. The lots are being sold for $100 under the City of Cleveland's Land Bank policy.
 Two home styles are available; a wooden frame vinyl-sided colonial with a base price of $84,500 and an all-brick unit priced at $98,000. Both styles feature three bedrooms, one-and-one-half baths, full basement, carpeting, air-conditioning, and two-car detached garage.
 The financing package includes a 10-year tax abatement from the City of Cleveland, and a down payment assistance grant up to $5,000 through the Ward 10 allocation of Block Grant funds. National City Bank is offering its Cleveland Housing Affordable Mortgage Program (CHAMP loan) to prospective South Collinwood Homes home buyers. CHAMP provides low interest mortgage loans to purchasers of single family, owner- occupied homes within the City of Cleveland--homes that are either built or renovated in which National City Community Development Corporation is an equity investor. CHAMP offers a combination of a low down payment of five percent, no points, no income limits, low interest rates, and flexible underwriting standards.
 Formed in 1982, National City Community Development Corporation, a subsidiary of National City Corporation, has been involved in $73 million of neighborhood revitalization projects in the Cleveland area.
 -0- 8/3/93
 /CONTACT: Sharon A. Lamcha of National City Communications, 216-575-2316/


CO: National City Community Development Corporation ST: Ohio IN: FIN SU:

BM -- CL025 -- 8947 08/03/93 13:36 EDT
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Date:Aug 3, 1993
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