Wednesday, July 14, 2010

Summit County awarded $99,776 in CDBG funds

The Department of Local Affairs has announced that $99,776.00 in CDBG funds has been awarded to Summit County for the following project:

Summit County will receive a $99,776 CDBG grant to continue funding for an existing down payment assistance program operated by the Summit Combined Housing Authority (SCHA). The program serves people who are employed in Summit County and whose income is below 80% AMI, and it is not restricted to first-time homebuyers. Buyers make monthly payments to SCHA based on a 3% interest rate and 20-year term. The SHA requests funding for 16 loans, with an average loan amount of about $18,000. Homebuyers are required to participate in a CHFA-certified homebuyer training program, which SCHA provides. This program is operated in accordance with the CDOH Down Payment Assistance Program Guidelines.