Potential Loan Forgiveness for Afford-A-Home Participants

Cleveland City Council is considering a proposal that could provide financial relief to residents participating in the city's Afford-A-Home program. Under the terms of Ord. No. 189-2024, the Director of Community Development would be authorized to forgive up to $10,000 in loan balances for eligible participants. If the ordinance moves forward, this authority would also allow the city to release associated mortgages and cancel promissory notes when applicable.

The Department of Community Development is responsible for managing various initiatives aimed at stabilizing neighborhoods and overseeing federal grants, such as the Community Development Block Grant (CDBG) programs Director Of Community Development. The Director's Office specifically assists with matters involving contracting, compliance, and legal requests, such as the release of city-held documents Director's Office | City of Cleveland Ohio. Detailed information regarding the specific mechanics of the loan forgiveness can be found in the official ordinance documents.

As of the most recent legislative record, Ord. No. 189-2024 has been tabled by City Council. Residents can monitor future City Council meetings and the official City Record to see if the ordinance is reintroduced or moved to a committee for further discussion.

Source record

File
189-2024
Type
Emergency Ordinance
Status
Tabled
Committee
City Council
Introduced
February 7, 2024

View on Cleveland Legistar

Official documents

Sources