Euclid Development Corporation down payment and home repair assistance program extended – News-Herald

Euclid City Council recently unanimously voted in favor of extending Euclid Development Corporation’s contract in managing the Cuyahoga Housing Consortium HOME Program fund.

The June 20 vote extends the contract to Dec. 31, 2023.

EDCOR is Euclid’s program which administers part of the federal government’s HOME Investment Partnership Program which is the federal government’s largest block grant it provides to state and local governments to create low affordable housing for low-income households, according to HUD’s website.

EDCOR aids people that need to repair their homes and are unable to do so due to lack of funds. Residents have typically turned to the program after being cited by the city for a violation, but if a resident meets specific requirements, they will qualify for a straight 3% low-interest home improvement loan.

EDCOR also provides a down payment assistance program for those wishing to purchase a home in Euclid.

Those that want to apply must not exceed income levels that are based on the total household size and these requirements are updated yearly. Applicants also must not have owned another home within three years of applying and will also be required to provide 3 ½ % of the down payment up front and a $100 non-refundable fee.

This year, EDCOR has issued 10 loans from its program with council needing to approve the remaining balance of $280,000.

Euclid City Councilwoman Angela Steele questioned an EDCOR representative on how people with bad credit were able to access the program.

“Most of these families that are applying for this, I’m sure they have struggled with having creditworthiness in order to get these loans, and I think that needs to be explained further,” Steele said. “So, they know ‘hey, this is what you need to do’ in order to get the down payment.”

The EDCOR representative said the amount of applications for the loans being submitted are more than what they are able to provide, with most families being denied for not meeting credit requirements.

Those wanting to apply for Euclid’s HUD programs may find more information at cityofeuclid.com/EDCOR.